BATTLE CREEK, MICHIGAN (BNO NEWS) -- Cereal product giant Kellogg on Wednesday announced that it has reached an agreement to buy potato chips brand Pringles for $2.7 billion.

Originally developed in the United States by Procter & Gamble in 1968, Pringles has spread around the globe as it is currently sold in 140 countries with annual sales of $1.5 billion and manufacturing operations in the U.S., Europe and Asia.

The agreement is expected to significantly advance the Kellogg Company's goal of building a global snacks business on par with its global cereal business. With sales of more than $13 billion in 2011, Kellogg Company produces its brands in 18 countries and markets them in more than 180 countries.

"We are excited to announce this strategic acquisition," said John Bryant, president and chief executive officer of Kellogg Company, who also welcomed Pringles' 1,700 employees. "Pringles has an extensive global footprint that catapults Kellogg to the number two position in the worldwide savory snacks category, helping us achieve our objective of becoming a truly global cereal and snacks company."

Kellogg Company's other snack products include Keebler, which was acquired nearly 10 years ago, Cheez-It, and Special K Cracker Chips. Other products include Coco Pops, Corn Flakes, Eggo, Frosted Flakes, Mini-Wheats, Pop-Tarts, Rice Krispies, Special K, and others.

The companies are expected to complete the transaction by the end of the summer, pending necessary regulatory approvals.

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