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Diamond Foods Gears Up to Expand After Buying Out Pringles
by Apoorva Prasad - 08/04/2011
"The stock price of Diamond Foods Inc. jumped to its maximum in last four months after it agreed to buy Procter & Gamble Co.ís Pringles chip operations for $1.5 billion."
Experts believe that this acquisition will result into tripling the size of firmís snack business.
The San Francisco-based snack maker registered a rise of 6.7% to $61.06 at 4 p. m. New York time in Nasdaq Stock Market trading and if we compare this figure with the twelve monthís back then it has risen 44%.
Experts are of opinion that the firmís decision to buy the Pringles brand would help it to expand its global scale as it is sold in more than 140 countries and they also hope it to double its sales in the U. S. and UK. At the same time P&G Chief Executive Officer Robert McDonald is expected to focus more on home and personal care business after getting rid of Pringles.
Tim Ramey, an analyst at D. A. Davidson & Co. in Lake Oswego, Oregon, stated, ďThis is a very good deal for shareholders, and the gain in share price recognizes that. Pringles was an orphan brand within P&G, and it improves Diamondís product mix dramatically, making it solidly a snack food company versus a commodity nut companyĒ.
More Details: http://topnews.net.nz/content/213530-diamond-foods-gears-expand-after-buying-out-pringles