P & G sells Pringles to Diamond

Procter & Gamble has sold the Pringles crisp brand to Diamond Foods, the US snacks group that owns Kettle Chips.

The sale of the world’s biggest crisp brand is reportedly worth £1.44 billion and makes Diamond the second-largest crisp maker in the world behind Walkers owner PepsiCo just over a year since it bought Kettle Foods.

Diamond chief executive Michael Mendes, says, “It augments our access to the developing world and we believe the product is tailor-made to the international markets, where we’re looking to build a platform.”

Pringles is the world’s biggest crisp brand and last year generated UK sales of £156.8m to place 35th in Britain’s 100 Biggest Brands. The UK is its second-largest market after the US.