Kellogg completes Pringles acquisition
May 31, 2012
BATTLE CREEK, MICH. — The Kellogg Co. has completed its acquisition of Pringles from Procter & Gamble for $2.695 billion.
“In Pringles, Kellogg has acquired a terrific business with exceptional employees, world-class manufacturing facilities, iconic brand awareness and a tremendous platform for growth,” said John Bryant, president and chief executive officer for Kellogg. “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.”
Pringles nearly triples the size of Kellogg’s international snacks business.
“This sale creates significant value for P.&G. shareholders and an outstanding opportunity for Pringles employees with a leading company in the food sector,” said Bob McDonald, president and chief executive officer for P.&G. “Kellogg shares similar values and principles to us, and we are confident that the Pringles business will thrive under Kellogg’s leadership.”
Pringles has sales of $1.5 billion across more than 140 countries.