Michigan's Kellogg Co. stepping in to snatch up Pringles
The Battle Creek based Kellogg Co. is moving to make more inroads into the snack world.
The company plans to purchase the Pringles brand, according to the Associated Press:
Kellogg has popped up to buy the Pringles chip brand from Procter & Gamble for $2.7 billion after a similar deal with Diamond Foods was derailed by accounting problems and an executive shakeup at Diamond.
The addition will help Kellogg with its goal of becoming as big globally in snacks as it is in cereal. The Pringles business will add to Kellogg’s stable of snack brands that include Keebler, Cheez-It and Special K Cracker Chips.
In a statement, Kellogg President and CEO John Bryant said:
"We are excited to announce this strategic acquisition. Pringles has an extensive global footprint that catapults Kellogg to the number two position in the worldwide savory 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 organization to Kellogg. Their collective passion and commitment has resulted in Pringles' well-deserved acclaim as one of the most recognized brands in the world."
Kellogg says it expects to complete the Pringles acquisition during the summer.