Hey SF, Have Some Pringles

SF company buys Pringles.

By Mathew Luschek
|  Tuesday, Apr 5, 2011  |  Updated 2:56 PM PDT
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Hey SF, Have Some Pringles

SF's Diamond Foods buys Pringles.

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San Francisco based Diamond Foods is buying Procter & Gamble's Pringles chips for $1.5 billion, the Oakland Tribune reports.

Procter & Gamble have been departing the food arena, and this deal completes the process. P&G, maker of Tide and Pampers, has already sold off other food companies, such as Folgers, Jif, Crisco and Sunny Delight.

The Pringles deal will more than triple Diamond's revenue to about $2.4 billion a year.

"Pringles is an iconic, billion-dollar snack brand with significant global manufacturing and supply chain infrastructure," Diamond Chairman, President and CEO Michael J. Mendes said in a statement.

The deal, which still needs Diamond stockholder approval, is expected to close by the end of the year.

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