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Diamond Foods scoops up Pringles in $2.35bn deal
NEW YORK, USA: California snacks group Diamond Foods snapped up the popular Pringles brand in a US$2.35 billion deal Tuesday, 5 April 2011, its second big foray into the chips market in as many years.
Diamond said it would pay Proctor & Gamble $1.5 billion worth of its shares for a 57% controlling share in Pringles, and also assume $835 million in Pringles debt.
The deal will boost Diamond's revenues from $825 million last year to a projected $2.4 billion, the company said.
The deal, termed a split-off and merger, allows P&G shareholders to elect to swap P&G shares for Diamond shares.
Last year Diamond paid $615 million for chips maker Kettle Foods. It also owns the Emerald snack nuts brand and Pop Secret microwave popcorn.
"Pringles is an iconic, billion dollar snack brand with significant global manufacturing and supply chain infrastructure," said Diamond chief executive Michael Mendes.
"Our plan is to build upon the brand equity Pringles has established in over 140 countries."
Diamond Foods shares opened up 7.9% Tuesday, while P&G was off 0.1%.
Source: AFP
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