P&G Kicks the Snack Habit

The chips are gone.The Procter & Gamble Company has completed the sale of its Pringles business to Kellogg in a nearly $2.7 billion all-cash transaction.


The company expects an after-tax gain on the transaction in the range of $1.4 billion to $1.5 billion, or approximately $0.47 to $0.50 per share.

P&G wanted to sell of the snack line to concentrate solely on household and consumer care products, and initially planned to sell the potato chips brand to Diamond Food. That deal went south, with Kellogg eventually rising as the buyer.