Diamond Foods cleared to buy Kettle Foods
By Blanca Torres
Contributing writer
Diamond Foods Inc., a maker of food snacks, said Friday it expects its $651 million purchase of Kettle Foods, a maker of potato chips, to close by March 31.
Anti-trust officials cleared the deal to proceed earlier than expected.
“We plan to invest in promoting the Kettle brand to expand distribution, increase brand equity, and support the introduction of new products,” said Michael J. Mendes, Diamond’s chairman, president and chief executive.
Diamond, based in San Francisco, expects the acquisition to bring in $250 million of revenue. The company reported revenue of $589.6 million in 2009.
Kettle is based in Salem and is owned by Lion Capital, a U.K.-based investment firm that bought the company in 2006.
Diamond has grown by launching and buying up brands including Diamond of California culinary nuts, Emerald snack nuts, and Pop Secret microwave popcorn.
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