Kellogg Co., Battle Creek, Mich., entered into an agreement to acquire Procter & Gamble’s Pringles business for $2.695 billion.

Kellogg established a strong U.S.-based snacks business when it purchased the Keebler line more than a decade ago. Therefore, the Pringles brand awareness and consumer appeal will fit well with Kellogg’s core strengths in brand-building and innovation, adding a complementary product to its high-quality snacks such as Keebler, Cheez-It and Special K cracker chips.

The companies expect to complete the transaction in the summer of 2012, pending necessary regulatory approvals.

“This is an excellent development for P&G, Pringles and Kellogg, creating value for our shareholders and representing an outstanding opportunity for Pringles employees with a leading company in the food sector,” saysKellogg Co., Battle Creek, Mich., entered into an agreement to acquire Procter & Gamble’s Pringles business for $2.695 billion.

Kellogg established a strong U.S.-based snacks business when it purchased the Keebler line more than a decade ago. Therefore, the Pringles brand awareness and consumer appeal will fit well with Kellogg’s core strengths in brand-building and innovation, adding a complementary product to its high-quality snacks such as Keebler, Cheez-It and Special K cracker chips.

The companies expect to complete the transaction in the summer of 2012, pending necessary regulatory approvals.

“This is an excellent development for P&G, Pringles and Kellogg, creating value for our shareholders and representing an outstanding opportunity for Pringles employees with a leading company in the food sector,” says Bob McDonald, chairman, president and CEO of P&G, Cincinnati. “Kellogg shares similar values and principles to us, and we are confident that the Pringles business will thrive under Kellogg’s leadership.” Bob McDonald, chairman, president and CEO of P&G, Cincinnati. “Kellogg shares similar values and principles to us, and we are confident that the Pringles business will thrive under Kellogg’s leadership.”