Kellogg buys Pringles for $2.7 billion
Pringles joins Kellogg's $13 billion-a-year supermarket snack-food empire.
The pulse is up on news that snacking is has become big business. Today, breakfast cereal giant Kellogg announced its purchase of the Pringles chip brand from Procter & Gamble for a top-popping $2.695 billion.
On store shelves since 1968, Pringles are now sold in over 140 countries and come in flavors ranging from soft-shell crab to jalapeno to blueberry.
The sale wasn’t just a spontaneous case of the munchies according to Kellogg’s CEO John Bryant. “Pringles has an extensive global footprint that catapults Kellogg to the number two position in the worldwide savory snacks category, helping us achieve our objective of becoming a truly global cereal and snacks company," Bryant said in a statement about the acquisition.
Pringles does around $1 billion in annual sales, and Kellogg -- the manufacturer of Corn Flakes, Raisin Bran and Apple Jacks -- will be hoping the saddle-shaped "chips" will bring it closer to the company’s goal of owning our afternoon eating habits just like it owns our mornings.