Diamond Foods plans to buy Pringles from P&G

04/05/2011 02:40:00 PM

Diamond Foods Inc. plans to acquire the Pringles brand of stackable potato chip-like snacks from Proctor & Gamble Co. for $1.5 billion.

It is the latest acquisition by the San Francisco-based company that started out as a walnut marketing cooperative in 1912.

Recently, Diamond has snatched up Pop Secret and Kettle brand chips.

The deal, once completed, would put Diamond a distant second behind leader Frito-Lay, a PepsiCo Inc. subsidiary that owns nearly half the snack food market.

Read the complete article in the San Francisco Chronicle.

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