CHARLOTTE, N.C. Two snack companies have signed a definitive agreement to combine in a stock-for-stock merger.
Lance and Snyder's of Hanover said Thursday that the transaction brings together two leading snack food leaders -- Lance develops and distributes sandwich crackers, potato chips and cookies, while Snyder's of Hanover is a pretzels maker and a leader in specialty snacks. Under the agreement, the company will be called Snyder's-Lance.
"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 Singer, Lance president and CEO.
Added Carl Lee, president and CEO at Snyder's, "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."