Potato crisp brand Pringles has been sold by owners Procter & Gamble for $2.35 billion, with a deal announced yesterday to merge the Pringles business into Diamond Foods. Here are five facts about the transaction:
Pringles is the world’s largest potato crisp brand with sales in over 140 countries and manufacturing operations in the US, Europe and AsiaThe purchase by San Francisco food giant Diamond more than triples Diamond's existing snack business, making it the world's second-largest snack company (behind Frito-Lay's parent company PepsiCo) and bringing its total revenue to $2.4 billionThe $2.35 billion transaction includes $1.5 billion of Diamond stock and the assumption of $850 million of Pringles debt by the merged companyThe sale will barely make a dent in Procter & Gamble, which boasts annual sales of $80 billionProcter & Gamble meanwhile has now rid itself of the last of its food brands, having already sold Jif peanut butter, Folger’s coffee and Crisco shortening and shifted focus onto its portfolio of beauty and hygiene products
