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Diamond Food acquires Kettle Foods in UK and US

by foodmag.com.au - 02/03/2010

Diamond Food acquires Kettle Foods in UK and US

"DIAMOND Food has entered into a definitive agreement to acquire Kettle Foods from Lion Capital LLP for US$615 million in cash."

Under the agreement, Diamond will acquire Kettle operations in the United States and the United Kingdom.

Diamond Foods chairman, president and CEO, Michael Mendes said the acquisition will be a strong, strategic fit to better support the company’s long-term growth plans.

“By adding Kettle, including its talented team of employees, our snack business will have greater scale, which will help us to drive even greater innovation in the snack market,” Mendes said.

According to Diamond Food, the acquisition will significantly improve the company’s brand strength, while increasing its addressable market by US$9 billion and its scale in the snack market.

Diamond Food claim it will also add a premium brand its snack portfolio.

More Details: http://www.foodmag.com.au/Article/Diamond-Food-acquires-Kettle-Foods-in-UK-and-US/512590.aspx