CHARLOTTE, N.C. and HANOVER, Pa. - Lance Inc. and Snyder's of Hanover Inc. announced they have signed a definitive agreement to combine in a stock-for-stock merger of equals that will create a combined company to be called Snyder's-Lance Inc. The combined company will have the operating scale and balance sheet strength to provide even more value to consumers, customers and shareholders.
In addition to both companyï¿½ï¿½s iconic brands, Snyder's-Lance will have a national distribution footprint including one of the largest direct store delivery (DSD) networks in the United States.
"This transaction allows us to create a stronger company in a highly competitive industry and simultaneously create value for our shareholders. Snyder's-Lance will have a broad array of leading snack food products supported by a strong national DSD system," said David V. Singer, president and CEO of Lance.
"We are extremely pleased with the opportunity to combine two leading snack food companies in such a strategically compelling merger. Combining our strengths in salty, cracker and cookie snacks creates the opportunity to be a focused specialty company with the scale to compete in high volume categories," said Carl E. Lee, Jr., president and CEO of Snyder's.
The combined company will have a well-established portfolio of snack food brands that includes Snyder's of Hanover, Lance, Cape Cod, Grande, Tom's, Jays, O-Ke-Doke, Stella D'oro, Krunchers!, Archway and Naturals as well as Lance Private Brands.