BATTLE CREEK, MI -- Kellogg Co. has completed its acquisition of Procter & Gamble's Pringles business. The $ 2.7 billion deal, announced in February, positions Kellogg as the world's second-largest savory snacks player behind PepsiCo's Frito-Lay.
The acquisition of the $1.5 billion Pringles brand nearly triples the size of Kellogg's international snacks business.
The iconic chips, known for their unique saddle shape and distinct canister packaging, are sold in more than 140 countries and offered in more than 80 flavors. They join Kellogg's Keebler, Cheez-It and Special K Cracker Chips snack brand portfolio.
"The addition of Pringles to our portfolio significantly advances the company's strategic goal of building a global snacks business on par with our global cereal business, and expanding our global footprint," said John Bryant, Kellogg's president and chief executive.
P&G had agreed to sell Pringles to Diamond Foods last April for $1.5 billion in cash but that deal fell through following the discovery of improper accounting at Diamond that led the snacks company to replace its chief executive and finance chief. | SEE STORY