BATTLE CREEK, Mich. -- Kellogg Co. has stepped in and scooped up Procter & Gamble's Pringles business after P&G terminated a previously announced deal with Diamond Foods following the revelation of accounting irregularities at Diamond that forced it to place its CEO and CFO on administrative leave. Kellogg has entered into an agreement to acquire Pringles for $2.695 billion in cash.

Pringles is the world's second largest player in savory snacks, with $1.5 billion in sales across more than 140 countries and manufacturing operations in the United States, Europe and Asia. The stacked potato crisp has been a mainstay in supermarket snack aisles for more than four decades and is immediately identified by snack lovers worldwide by its unique saddle shape and distinct canister packaging.