Diamond Foods Kettle Buy Out Imminent

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Mar

Diamond Foods has announced the purchase of Kettle Foods to be completed by March 31.

It is understood that Diamond is paying $615 million for the Kettle brand.

Michael J Mendes, chairman, president and CEO of Diamond, said: "We plan to invest in promoting the Kettle brand to expand distribution, increase brand equity, and support the introduction of new products. Our strategy is to begin investing in Kettle's future growth by better deploying Diamond's balance sheet against the new Kettle value added retail franchise in the fourth quarter and to reduce less profitable volume in Diamond non-retail channels."

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