CHARLOTTE, N.C. -- Snyder’s-Lance Inc. said that it has completed its acquisition of Diamond Foods Inc. The snack maker has acquired all outstanding shares of San Francisco-based Diamond Foods in a cash and stock merger transaction announced in Oct. 2015.
The acquisition creates an international snack foods company with a diversified product portfolio. The addition of leading snack food brands such as Kettle brand potato chips, Pop Secret popcorn, Emerald snack nuts and Diamond of California culinary nuts positions Snyder’s-Lance to compete more broadly and with enhanced capabilities.
The transaction also expands the company’s overall footprint in “better-for-you” snacking and increases its natural food channel presence.
Each of these brands brings strengths to support Snyder’s-Lance’s strategic plan while increasing the company’s annualized net revenue to approximately $2.6 billion. The company reaffirmed estimated annualized synergies from cost savings of $75 million, with approximately $10 million to be re-invested in the company’s growth plans.
“Diamond has been a powerful industry leader in snack foods with exceptional brands, and we’re excited to bring these two great teams together,” said Carl E. Lee Jr., president and CEO of Snyder’s-Lance. “With products that deliver exceptional taste, quality and innovation across our entire portfolio, we know the Diamond Foods brands will work perfectly alongside our Snyder’s-Lance lineup.”
He continued, “By bringing together the resources and expertise of the Snyder’s-Lance and Diamond teams, we expect to see widening profit margins as we gain synergies and progress though our integration plans over the next 12 to 24 months. With the combined power of our sales teams, we will continue driving new product innovation as we broaden our geographic and consumer reach.”
Snyder’s-Lance, based in Charlotte, N.C., manufactures and markets snack foods throughout the United States and internationally. Products include pretzels, sandwich crackers, pretzel crackers, potato chips, popcorn, cookies, tortilla chips, restaurant style crackers, nuts and other snacks. It sells products under the Snyder’s of Hanover, Lance, Cape Cod, Snack Factory Pretzel Crisps, Late July, Kettle, Pop Secret, Emerald, Diamond of California and other brand names along with third-party brands. It distributes products through grocery and mass merchandisers, convenience stores, club stores, foodservice outlets and other channels.
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