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Bloomberg reports that Diamond Foods will acquire the Pringles potato chip brand and operations from Procter & Gamble for $1.5 billion, plus $850 million in Pringles debt, bringing the total value of the deal to $2.35 billion.

The deal turns Diamond to more than double its snack business in the US and become the world’s second largest manufacturer of savory snacks, behind only PepsiCo’s Frito-Lay division. And, it gets P&G out of the food business.
KC's View:
The New York Times story notes that when Pringles was launched a half-century ago, it was pretty much a dud, and only became popular during the eighties, fueled by a reformulation and canny advertising.

One interesting note in the Times story is that the iconic Pringles can was invented by a chemist named Fredric Baur, who, when he died and was cremated in 2008, had his ashes placed in a Pringles can. At his request. The story says that his kids stopped by a Walgreens on the way to the funeral home to pick up the can.

There’s a metaphor and business lesson in there somewhere...