Pringles sale means food job losses

Over 1,500 food jobs could be lost in the coming months following Proctor & Gambles sale of the famous crisp brand Pringles.

The popular crisp or potato chip brand has been bought by Diamond Foods Ltd for a sum in the region of $2.35bn.

The job losses are said to occur across the globe in Europe, Asia and the USA.

The goal of the sale is said by company officials to increase shareholder value after tax. Shareholders have the choice to benefit from the sale of Pringles to Diamond Foods, whilst P&G spokespeople have assured shareholders that the sale of Pringles and any resulting transactions will not affect the businesses other brands.

The sale of Pringles has ended P&Gs business in the food manufacturing industry as the sale of their last food brand comes to a close.