The maker of Lance peanut butter sandwich crackers and Snyder’s of Hanover pretzels is set to be taken over by Campbell Soup Co. The transaction,f or $50 per share in an all-cash, represents a value of approximately $6.1 billion, said Campbell in a release.
Snyder’s-Lance, Charlotte, N.C., says shareholders overwhelmingly approved the planned sale to the Camden, N.J.-based soup company, and the deal was expected to close March 26.
To achieve cost and potential revenue opportunities, Campbell says it will integrate the business with Pepperidge Farm to create a unified snacking organization in the U.S. called Campbell Snacks. The unit will be led by Carlos Abrams-Rivera, Campbell's former president, U.S. Biscuits and Snacks, who will report to Luca Mignini, president of global biscuits and snacks.
“Snyder’s-Lance represents a strategic and transformative acquisition for Campbell, creating a $10-billion company with nearly half of our annual net sales in the faster-growing snacks category,” said Denise Morrison, Campbell’s president and CEO. “The combination of Campbell and Snyder’s-Lance creates a unique, diversified snacking portfolio of differentiated brands and a large variety of better-for-you snacks for consumers. I am excited about the combination, and confident that it will create significant shareholder value through both revenue growth and cost synergies.”
The Campbell Snacks leadership team includes Chris Foley, senior vice president/CMO of Campbell Snacks, who will lead efforts to drive innovation and brand building efforts across the expanded snacks portfolio.
Snyder’s-Lance is the result of a 2010 merger of between Pennsylvania-based Snyder’s of Hanover and snack company Lance, which started in 1913 selling roasted peanuts on North Carolina city’s streets.