Procter & Gamble continued its move away from the food industry, selling Pringles canned potato chips to Diamond Foods Inc. In recent years, P&G has rid itself of Folgers Coffee, Jif peanut butter, Sunny Delight orange drink and other food properties.
The AP reports Diamond, which owns Emerald Nuts and Pop Secret pocporn, triples its size with the deal, making it the second largest snack manufacturer after PepsiCo’s Frito Lay.
The $1.5 billion transaction, which will create a new company under the Diamond Foods banner that’s 57 percent owned by P&G shareholders, is expected to close by year’s end.
Do Pringles get you as giddy as Diamond Foods execs? What’s your favorite brand of potato chip?
P&G to sell Pringles to Diamond Foods for $1.5 billion [AP via MSNBC]