The Procter & Gamble Company (NYSE:PG) today announced that the sale of Pringles to Diamond Foods, Inc. (NYSE: DMND) has moved from the front half to the back half of its fiscal year.
The deal had been expected to close in December 2011, and is now expected to close before the end of June 2012. The delay is necessary to allow Diamond Foods to complete an accounting investigation that it announced today. While Procter & Gamble remains committed to the transaction, the Company believes it is important this matter be fully understood and resolved before proceeding.
Timing of this transaction will not affect the timing of P&G's planned restructuring. Updated guidance which reflects restructuring perspective will be provided shortly.