Pringles sale to close June 2012
Proctor & Gamble sale of Pringles to Diamond Foods delayed by six months.
November 3, 2011
by Canadian Packaging Staff
The Procter & Gamble Company (P&G), headquartered in Cincinnati, OH has announced its sale of Pringles to Diamond Foods, Inc., a San Francisco-based packaged food company, has moved from the front half to the back half of its fiscal year, expecting to close in June 2012.
The deal was to have closed in December 2011, but the added time will allow Diamond Foods to complete an accounting investigation.
P&G remains committed to the transaction and believes the accounting investigation is important to be fully understood and resolved before proceeding.
Timing of this transaction will not affect the timing of P&G’s planned restructuring. Updated guidance which reflects restructuring perspective will be released soon.
Diamond Foods and The Wimble Co., P&G’s wholly-owned subsidiary formed for purposes of the distribution of the Pringles business, have filed registration statements with the U.S. Securities and Exchange Commission registering the shares of Pringles common stock and shares of Diamond Foods common stock to be issued to P&G shareholders in connection with the transaction. In connection with the exchange offer for shares of Pringles common stock, P&G will file a tender offer statement with the SEC.
About Procter & Gamble
P&G serves approximately 4.4 billion people around the world with its brands and has one of the strongest portfolios of trusted, quality, leadership brands, including Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Fairy, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun, Fusion, Ace, Febreze, and Ambi Pur. The P&G community includes operations in about 80 countries worldwide. For more information on the company and its brands, visit www.pg.com.
About Diamond Foods
Diamond Foods, Inc. is an innovative packaged food company focusing on building, acquiring and energizing brands, such as Kettle Chips, Emerald snack nuts, Pop Secret popcorn, and Diamond of California snack and culinary nuts. Founded in 1912, it has approximately 1,700 employees. More information can be found at www.diamondfoods.com.