Tuesday, March 31, 2015

Pretzel maker Snyder's to merge with Lance

After acquisition of Utz falls apart, Hanover-based Snyder's strikes a deal with the publicly held Lance to create a company with $1.6 billion in sales.

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.

Mike Armstrong Inquirer Columnist
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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