The Salem-based maker of the popular Kettle Chips line of natural potato chips will be shopped by its owner, California's Diamond Foods, according to a British trade report.
The Grocer, an industry publication, says it's been told that Diamond Foods thinks it can improve its own financial condition by selling all or part of Kettle. It points out that Diamond previously sold its Pringles brand of processed chips to Kellogg's, and that Kellogg's might well be interested in buying Kettle. Diamond bought Kettle in 2010 from the UK's Lion Capital for a reported $615 million.
In January, the U.S. Securities and Exchange Commission charged Diamondand its former chief financial officer with accounting fraud. Diamond paid a reported $5 million to settle the charges, which stemmed from the way it reported its walnut costs. Last year, the company settled a shareholder lawsuit over its accounting practices. Diamond last month announced it had refinanced its debt.
The Grocer reports that Diamond had been prevented from selling its holdings, which include Emerald Nuts and Pop Secret popcorn as well as Kettle, until the federal lawsuit against the company were settled.
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The Grocer, an industry publication, says it's been told that Diamond Foods thinks it can improve its own financial condition by selling all or part of Kettle. It points out that Diamond previously sold its Pringles brand of processed chips to Kellogg's, and that Kellogg's might well be interested in buying Kettle. Diamond bought Kettle in 2010 from the UK's Lion Capital for a reported $615 million.
In January, the U.S. Securities and Exchange Commission charged Diamondand its former chief financial officer with accounting fraud. Diamond paid a reported $5 million to settle the charges, which stemmed from the way it reported its walnut costs. Last year, the company settled a shareholder lawsuit over its accounting practices. Diamond last month announced it had refinanced its debt.
The Grocer reports that Diamond had been prevented from selling its holdings, which include Emerald Nuts and Pop Secret popcorn as well as Kettle, until the federal lawsuit against the company were settled.
Read More HERE
Read More HERE
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