Diamond Foods buys Pringles from P&G

Diamond Foods Inc. has Pringles in the can with a $1.5 billion deal to purchase the chip brand from Procter & Gamble Co., making the San Francisco firm the world’s second-largest snack company.

The transaction, announced last week, rids P&G of the last of its food brands, since it has shifted mostly to beauty and hygiene products, and builds on Diamond’s growing food portfolio. Diamond, founded in 1912 by a cooperative of California walnut growers, owns Diamond of California, Emerald nuts, Pop Secret microwave popcorn and Kettle Brand gourmet potato chips.

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