Kellogg’s £1.7bn Pringles buyout
CEREAL firm Kellogg’s yesterday snapped up the Pringles crisps brand from household goods maker Proctor & Gamble for £1.7billion.
Kellogg’s said the move for Pringles, which brings in about £1billion of sales a year, would triple its international snack business, which also includes Keebler cookies and Cheez-It crackers. The deal should be completed this summer.
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P&G tried to sell Pringles to Diamond Foods last year but the deal collapsed after the discovery of improper accounting. Pringles was P&G’s last food business.