Britain’s KP Snacks, initially famous for its bags of nuts which used to be a staple in pubs across the country, owns a range of snack brands, but is itself owned by United Biscuits.

Intersnack and United Biscuits, which also owns brands such as McVitie’s, Penguin, Jacob’s Cream Crackers and Twiglets, said KP Snacks had an annual turnover of £280 million (€346 million euros) and employed a workforce of around 1,500.

The price of the deal, which is expected to be finalised by March next year, was not divulged by either side but media reports put it at about €600 million euros.

Intersnack, a family-run business based in Düsseldorf specialising in potato crisps, nuts, crackers, pretzels and salted sticks, is targeting annual sales of €1.7 billion this year and employs a workforce of 6,500.

In addition to the brands, the deal also includes other assets such as KP’s British manufacturing facilities and a head office, the statement said.

AFP/hc