Stat of the day: $2.35bn

The amount of money Diamond Foods is planning to shell out for Pringles

by Elizabeth Anderson
Last Updated: 06 Nov 2012
Procter & Gamble has ended its foray into food by selling the Pringle brand to Diamond Foods. In a deal worth $2.35bn – which includes $1.5bn for the business plus the assumption of $850m in Pringles debt – it means P&G will go back to being a consumer goods company focusing on household and shampoo products.

Pringles has had a rocky history. The first Pringles were sold in 1968, but it wasn’t till the 1980s that the brand really took off. Once they popped they didn’t stop: the distinctive, thinly-sliced crisps are now sold in 140 countries around the world with sales of around $1.2bn a year. In fact, the creator of the distinctive Pringles tube was so proud of his invention that he asked for his ashes to be buried in one.

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