Kellogg will buy the Pringles chips business from P&G for $2.7 billion.
By msnbc.com news services
Kellogg said on Wednesday it plans to buy the Pringles chips business from Procter & Gamble for $2.7 billion in cash.
The companies expect to complete the deal in summer of 2012.
P&G had originally agreed to sell Pringles to Diamond Foods, but the deal fell through because of postponements caused by a U.S. investigation into Diamond Food?s accounting practices.
In purchasing the Pringles chips business, P&G looks to be aiming to build up its global snacks business so that it is comparable to its strength in the cereal business.
About 1,700 employees will move to Kellogg, according to Reuters. Pringles has about $1.5 billion in annual sales.
Kellogg?s CEO appeared on CNBC Wednesday to discuss the deal:
Source: http://bottomline.msnbc.msn.com/_news/2012/02/15/10415160-kellogg-to-buy-pringles-chips-business
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