P&G Sells Folgers coffee

From Cincinnati Enquirer: It’s official: Folgers sold

Jams and jellies company J.M. Smucker is moving to take over more for of the breakfast table, announcing this morning that it will buy Folgers coffee in an all-stock deal worth about $2.95 billion.

A Folgers sale would leave P&G with only Pringles snacks from its once struggling food and beverage unit. CEO A.G. Lafley has been divesting brands from the slow-growing food unit over the years and focusing more on its health and beauty industries.

I think it’s pretty safe to say that P&G won’t be keeping Pringles around as the sole member of the food and beverage unit. 

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