By Zanub Saeed
Kellogg Company announced on Thursday that it acquired the Proctor & Gamble Pringles business for $2.695 billion, now making it the second-largest snacks producer and manufacturer in the world.
The acquisition of the corporation will now, according to a press release issued by Kellogg this week, nearly triple the company's snacks sales and business on a worldwide scale, and will help take an important step in their want to expand the snacks business globally.
"In Pringles, Kellogg has acquired a terrific business, with exceptional employees, world-class manufacturing facilities, iconic brand awareness, and a tremendous platform for growth," John Bryant, Kellogg Company's president and chief executive officer, was quoted as stating for the press release. "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."
Brands that will now become a staple of the Kellogg's name include Cheez-It, Coco Pops, Corn Flakes, Eggo, Frosted Flakes, Kashi, Keebler, Kellogg's, Mini-Wheats, Pop-Tarts, Pringles, Rice Krispies, and Special K, listed in the press release, around the world. Kellogg accumulated well over $13 billion in sales in the 2011 fiscal year, with products made in 19 countries and marketed in beyond 180 globally, said the press release.
Pringles made over $1.5 billion in sales in over 140 countries with the offering of over snacks in 80 flavors for more than 40 years. The Pringles brand is best known for its unique saddle-shaped-canister packaging, said the press release, which will now belong to the Kellogg Company.
"The Pringles team embodies the same values and passion for growth that have driven the people of Kellogg for more than a century," Bryant added for the press release. "We are excited to welcome these talented team members to Kellogg and work together to build a truly global snacks platform with tremendous potential for growth."
