Supplier News Breaks Archives
Lance, Snyder's of Hanover finalize merger
December 6th, 2010
CHARLOTTE, N.C. – Snack makers Lance Inc. and Snyder's of Hanover Inc. have completed their merger.
The deal announced in late July, which the companies said was a stock-for-stock merger of equals, brings together Snyder's, a global leader in pretzels and a U.S. leader in specialty snacks that traces its roots to 1909, with Lance, a U.S. snack food leader in sandwich crackers, potato chips, and cookies founded in 1913.
Now called Snyder's-Lance Inc., the merged company will maintain the stock ticker symbol LNCE, with shares traded on the Nasdaq exchange.
The combined company's snack brand portfolio 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, a leader in private label cookies and crackers. Products include pretzels, sandwich crackers, kettle chips, potato chips, cookies, tortilla chips and nuts.
Michael Warehime, current Snyder's chairman, will serve as chairman of the board of the merged company, and W. J. Prezzano, Lance's current chairman, will serve as lead independent director.
David Singer, current Lance president and chief executive officer, will become CEO of Snyder's-Lance. Carl Lee, current Snyder's president and CEO, will become president and COO, and Rick Puckett, current Lance executive vice president and chief financial officer, will become executive vice president and CFO of the combined company.
Snyder's-Lance will have a 14-member board including seven directors of the current Lance board and seven directors of the current Snyder's board.
"We are extremely pleased with the opportunity to combine two leading snack food companies in such a strategically compelling merger," commented Singer. "Combining our strengths in salty, cracker and cookie snacks creates the opportunity for scale in a number of competitive high volume categories. We will immediately begin the work of bringing our two organizations together in ways that maximize our potential growth and drive lasting value for stockholder, customers, business partners and our employees."
Snyder's-Lance will have its corporate headquarters in Charlotte, N.C., and additional headquarters in Hanover, Pa., where certain key leaders and functions will continue to be located.
"This historic transaction brings together many years of excellence in salty snacks and baking that will create a dynamic and competitive organization able to deliver superior customer service while continuing to be an important part to the communities in which we operate," Lee stated. "We expect to drive our business through the strength of nationwide distribution, national advertising, and an excellent portfolio of products and capabilities that consumers prefer."