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Statement of Diamond Foods on termination Pringles deal

February 15, 2012
Diamond Foods, Inc. today announced that The Procter &Gamble Company and Diamond have mutually agreed to terminate Diamond's proposed acquisition of the Pringles business and have released each other from all liabilities related to the proposed acquisition. No "break-up"or other fees will be paid in connection with this termination.

"Diamond has enjoyed a positive and constructive working relationship with P&G throughout this process, and the mutual termination of our agreement and release of all associated liabilities was reached in the same spirit,"said Rick Wolford, Diamond Foods' Acting President and Chief Executive Officer. "Diamond now will put its full effort on the growth of our business with focused execution to continue to build our successful brands."

Related News: P&G sells its Pringles business to the Kellogg Company
Companies in this Article
Headquartered in Stockton, California, Diamond Foods is the premier processor and marketer of culinary, inshell snack and ingredient nuts, with distribution in over 80% of U.S. supermarkets. In March 2010, Diamond Foods Inc. acquired Kettle Foods.
Procter and Gamble (P&G) is a multinational manufacturer of product ranges including personal care, household cleaning, laundry detergents, prescription drugs and disposable nappies. For many years, Procter and Gamble was the manufacturer and marketer of the stackable potato chips brand Pringles. All Pringles activities were sold in to the Kellogg Company