Snyder’s-Lance, the US snack firm, has announced that it has completed the acquisition of Diamond Foods, acquiring all outstanding shares of the company in a cash and stock merger deal.
This deal will create a powerful international snack foods company with a diversified portfolio, Snyder’s Lance said, and will add brands such as Kettle potato chips, Pop Secret popcorn, Emerald snack nuts & Diamond Of California culinary nuts to the Snyder’s Lance portfolio.
Together, Snyder’ Lance added, the acquisition would help the firm to compete on a larger scale, with company net revenue predicted to reach approximately $2.6 billion. The company added that the deal was also expected to increase its presence in the natural food channel.
President & CEO of Snyder’s-Lance Carl Lee Jr said: “We are very excited to have completed the acquisition of Diamond Foods and look forward to starting this new chapter in our Company’s history. Diamond has been a powerful industry leader in snack foods with exceptional brands and we’re excited to bring these two great teams together”.
“With products that deliver exceptional taste, quality and innovation across our entire portfolio, we know the Diamond Foods brands will work perfectly alongside our Snyder’s-Lance line-up. By bringing together the resources and expertise of the Snyder’s-Lance and Diamond teams, we expect to see widening profit margins as we gain synergies and progress though our integration plans over the next 12 to 24 months”.
Source: Snyder’s Lance (via PR NewsWire)