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.