Campbell Soup Company has entered an agreement to acquire Snyder’s-Lance.
“The acquisition of Snyder’s-Lance will accelerate Campbell’s strategy and is in line with our purpose, real food that matters for life’s moments,” said Denise Morrison, Campbell’s president and CEO. “It will provide our consumers with an even greater variety of better-for-you snacks. The combination of Snyder’s-Lance brands with Pepperidge Farm, Arnott’s and Kelsen will create a diversified snacking leader, drive sales growth and create value for shareholders.”
Expanding Portfolio
Headquartered in Charlotte, NC, Snyder’s-Lance, Inc. products include potato chips, cookies, pretzels, crackers, popcorn, nuts and other snacks. Most notably, the company includes brands such as Kettle Brand, Stella Doro, Pop Secret, Krunchers and Cape Cod.
“Following a thorough review process of strategic options, we believe this transaction maximizes value for our shareholders through an immediate and certain cash premium. The transaction also unlocks the value of our portfolio, reflecting the progress we have made planning and executing our transformation. We are excited to join Campbell and to continue to provide great products to our consumers with an uncompromising focus on ingredients, quality and taste.”
Snacking Segment Heats Up
This announcement comes at the same time that Hershey Company has announced the acquisition of Skinny Pop popcorn maker, Amplify Snack Brands, Inc.
According to a recent Innova Market Insights report, four in 10 U.S. and UK consumers reported an increased consumption in healthy foods in 2017, which resulted in better-for-you claims on labels rising from 42% to 49% in the same year. In both cases, the companies are looking to expand its portfolios by introducing healthier products, which appeal to this growing consumer demand.
