Kellogg's set to agree Pringles acquisition from Procter & Gamble for $2.695bn
Kellogg’s has announced that it has entered into an agreement for the acquisition of Pringles from Procter & Gamble for $2.695bn.
The acquisition will see Pringles join snack brands such as Keebler, Cheez-It and Special K Cracker Chips, with over 1,700 employees at Pringles set to move over.
The acquisition is expected to be completed later this year.
"We are excited to announce this strategic acquisition," said John Bryant, president and chief executive officer for Kellogg's. "Pringles has an extensive global footprint that catapults Kellogg to the number two position in the worldwide savoury snacks category, helping us achieve our objective of becoming a truly global cereal and snacks company. We are delighted to welcome the employees of the Pringles organisation to Kellogg. Their collective passion and commitment has resulted in Pringles' well-deserved acclaim as one of the most recognized brands in the world."
Bob McDonald, chairman, president and chief executive of P&G, added, "This is an excellent development for P&G, Pringles and Kellogg, creating value for our shareholders and representing an outstanding opportunity for Pringles employees with a leading company in the Food sector. Kellogg shares similar values and principles to us and we are confident that the Pringles business will thrive under Kellogg's leadership."
Earlier this week P&G cancelled a proposed sale of the Pringles brand to Diamond Foods.