BATTLE CREEK, Mich. — Kellogg's announced that it has completed its acquisition of Procter & Gamble's Pringles business, a deal valued at nearly $2.7 billion.
The transaction, which was first announced in mid-February, further strengthens Kellogg's competitive position in global snacks as it nearly triples the size of the company's international snacks business, with Pringles sales totaling $1.5 billion across more than 140 countries.
As previously reported, P&G initially inked an agreement with Diamond Foods through which Diamond Foods would acquire Pringles for $2.35 billion. The deal was delayed "to allow Diamond Foods to complete an accounting investigation." After the deal fell through, the P&G-Kellogg's deal was announced.
"In Pringles, Kellogg has acquired a terrific business, with exceptional employees, world-class manufacturing facilities, iconic brand awareness, and a tremendous platform for growth," Kellogg's president and CEO John Bryant said. "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."