Diamond Foods expands portfolio with P&G’s Pringles business
SAN FRANCISCO and CINCINNATI — A Procter & Gamble potato chip brand will become part of Diamond Foods in a deal valued at $2.35 billion.
P&G said that it inked a definitive agreement to merge its Pringles business into Diamond Foods — whose portfolio includes such brands as Emerald Nuts and Pop Secret popcorn — which boasted revenues of about $2.4 billion. The transaction, which is expected to be completed by the end of 2011, is subject to approval by Diamond shareholders and the satisfaction of customary closing conditions and regulatory approvals.
Diamond Foods president and CEO Michael Mendes called the deal a "strategic combination" and that the company will build on Pringles’ brand equity. The combined business will remain in San Francisco, Diamond Foods said.
For fiscal year 2012, Diamond anticipates strong growth in its core business with earnings per share of $2.85 to $2.98 on a stand-alone basis, which represents a 30% increase over 2010 EPS.
CandyRific puts ‘twist’ on Mike and Ike
NEW YORK — CandyRific is boosting Mike and Ike candy offerings with new items.
CandyRific, known for its candy and novelty product combinations, has introduced Mike and Ike novelty rope fruit twists and Mike and Ike king-size fruit twists. The Mike and Ike novelty rope fruit twists are available in blue-raspberry/strawberry and green-apple/watermelon flavor combinations for a suggested price of 51 cents at wholesale and 99 cents at retail. Meanwhile, the Mike and Ike king-size fruit twists are available in strawberry and green-apple/watermelon flavors for a suggested price of 92 cents at wholesale and $1.49 at retail.
Mike and Ike candy has been produced by Just Born, the maker of Peeps, since 1940.
Mercy touts hangover prevention beverage
NEW YORK — A new functional beverage that promises to help curb hangovers is hitting the market.
Mercy said its namesake beverage is a 60-calorie drink that’s formulated with amino acids, antioxidants and vitamins, which is designed to replenish the body with key nutrients and prevent such hangover symptoms as headaches and nausea from occurring, according to the company.
The drink currently is available online at DrinkMercy.com for a suggested retail price of $11.50 for a four-pack of 8.4-oz. cans. The company noted that it is planning nationwide distribution of the product, with an initial rollout in bars, restaurants and hotels in the Northeast.