BATTLE CREEK, Mich. -- The Kellogg Co. has announced the completion of its acquisition of Procter & Gamble's Pringles business. The $ 2.695 billion acquisition further strengthens Kellogg's competitive position in global snacks, making Kellogg the world's second-largest savory snacks player, it said, citing Euromonitor.
"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, Kellogg's president and CEO. "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."
The Pringles acquisition nearly triples the size of Kellogg's international snacks business, and adds a complementary product to the company's high-quality snacks brands including Keebler, Cheez-It and Special K Cracker Chips.
Pringles is the world's second largest player in savory snacks, with $1.5 billion in sales across more than 140 countries. Easily identified by its unique saddle shape and distinct canister packaging, and with more than 80 flavors, snack consumers worldwide have made Pringles a snack aisle favorite for more than four decades.
"The Pringles team embodies the same values and passion for growth that have driven the people of Kellogg for more than a century," said Bryant. "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."
Kellogg is the world's leading producer of cereal, second largest producer of cookies and crackers and--through the May 2012 acquisition of the iconic Pringles business--the world's second largest savory snacks company. In addition, Kellogg is a leading producer of frozen foods. With 2011 sales of more than $13 billion, these brands include Cheez-It, Coco Pops, Corn Flakes, Eggo, Frosted Flakes, Kashi, Keebler, Kellogg's, Mini-Wheats, Pop-Tarts, Pringles, Rice Krispies, Special K and more.
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