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Thursday, July 22, 2010

Pretzel maker Snyder's to merge with Lance

Nearly eight months after the collapse of its acquisition of a potato-chip maker, Snyder's of Hanover Inc. will merge with the publicly held Lance Inc.

Snyder's, based in York County, signed a definitive agreement Thursday with Charlotte, N.C.-based Lance, which makes sandwich crackers, cookies and potato chips. It's a stock-for-stock deal that will lead to a new name for the combined company, Snyder's-Lance Inc.

The corporate headquarters will be in North Carolina, but a joint news release says that an additional headquarters will be in Hanover where certain corporate functions and leaders will be based.

The deal is expected to close in the fall.

Lance shares were up 28 percent, or $4.49, to $20.49 in early afternoon trading.

Last fall, Snyder's had announced plans to acquire Utz Quality Foods Inc., also based in York County. However, the deal was scrapped in early November after the Federal Trade Commission had asked for more details on the transaction.
Posted by Mike Armstrong @ 12:56 PM  Permalink | 4 comments
Comments   
  • 0 like this / 0 don't   •   Posted 1:49 PM, 07/22/2010
    I hope this does not lead to increased per capita grits consumption in our area.
    — Fernando08
  • 0 like this / 0 don't   •   Posted 3:34 PM, 07/22/2010
    At the end of the day, gotta have my junk food.
    — The Baron
  • 0 like this / 0 don't   •   Posted 9:57 PM, 07/22/2010
    Never a fan of Lance products. They remind me of no frills snacks. I rather go for the name brand crackers. And didnt even know they made chips, so I never had those.
    — Pat c
  • 0 like this / 0 don't   •   Posted 9:43 AM, 07/23/2010
    Pa will loose jobs and people in the end. the only product they will make here is the Pretzels. they need the water in York for that.
    — Oystermick


4 comments
About Mike Armstrong
Mike Armstrong, a business editor and writer for nearly two decades, is the Inquirer's business columnist and PhillyInc blog editor. Contact Mike via e-mail or at 215-854-2980
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