Big Acquisition – Kellogg Buys Pringles, Becomes Major Player In Snacks
In what must certainly be the crunchiest deal in recent history, breakfast cereal giant, Kellogg has agreed to buy the Pringles snack business from Procter & Gamble for $2,7 billion. The move will make Kellogg the second biggest player in the global snacks market. Pringles reports about $1,5 billion in sales every year, across 140 countries, which is a lot of un-stoppable popping.
Diamond Foods was the original intended buyer last year, but that plan fell through when Diamond ran into some dodgy accounting issues and subsequently had to restate two years’ worth of financials, and get rid of their CEO.
Kellogg’s snack brands portfolio already includes Keebler, Cheez-It and Special K Cracker Chips – none of which are huge in this country, admittedly. But Pringles certainly are. The stacked potato chip, with its colourful canister packaging (and really useful re-usable lid – try one on an open can of baked beans), is arguably the most distinctive snack in the world and has been around for over 40 years.
[Source: BBC]
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