Kellogg's bags Pringles for 2.7 billion dollars

Feb 15, 2012, 17:20 GMT

Washington - Major US food company Kellogg's gobbled up chip maker Pringles from parent company Procter & Gamble for 2.7 billion dollars, the companies said on Wednesday.

Kellogg's purchased the iconic potato chip company in a bid to bolster its growing snack foods division, which includes Special K crackers, Keebler and Cheez-it.

'We are excited to announce this strategic acquisition,' said John Bryant, Kellogg's president and chief executive officer.

'Pringles has an extensive global footprint that catapults Kellogg's to the number two position in the worldwide savory snacks category, helping us achieve our objective of becoming a truly global cereal and snacks company,' he said.

The companies expect to complete the transaction this summer, pending necessary regulatory approvals.