Campbell Soup, the leading US food manufacturer, has announced that it has entered into an agreement to acquire snacks firm Snyder’s-Lance in a deal worth $4.87 billion in cash.
The deal, described as the largest in Campbell Soup’s history, is expected to create a combined entity with annual net sales in excess of $10 billion.
Snyder’s-Lance is a major snack food firm that is said to have leading market positions in categories including pretzels, sandwich crackers, kettle chips, deli snacks and organic and natural tortilla chips. The company’s portfolio includes brands such as Snyder’s of Hanover, Lance, Kettle Brand, Cape Cod, Snack Factory Pretzel Crisps, Pop Secret, Emerald and Late July.
Denise Morrison, Campbell Soup president and chief executive officer, said: “The acquisition of Snyder’s-Lance will accelerate Campbell’s strategy and is in line with our Purpose, ‘real food that matters for life’s moments.’ It will provide our consumers with an even greater variety of better-for-you snacks. The combination of Snyder’s-Lance brands with Pepperidge Farm, Arnott’s and Kelsen will create a diversified snacking leader, drive sales growth and create value for shareholders. This acquisition will dramatically transform Campbell, shifting our center of gravity and further diversifying our portfolio into the faster-growing snacking category. We look forward to welcoming Snyder’s-Lance’s employees and their trusted family of leading brands to our company”.
Snyder’s-Lance will become part of Campbell Soup’s Global Biscuits and Snacks division, which includes the company’s Pepperidge Farm, Arnott’s and Kelsen divisions.
Source: Campbell Soup (via BusinessWire) / CNBC
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