"Although we recently announced our intended merger with Utz Quality Foods, it was contingent upon Federal Trade Commission clearance," said Carl E. Lee Jr., president and CEO of Snyder's of [image-nocss] Hanover. "While the decision was unexpected, it's best that Snyder's move on to other opportunities that are available to our company."
Michael W. Rice, Utz chairman and CEO, said, "While we were excited by the prospect of merging with Snyder's of Hanover, we knew that participating in another FTC request would put a strain on our company and ultimately distract us from what we are here to do every day, which is to provide high-quality snacks to our customers and serve our community. As we look toward 2010 and beyond, we are committed to staying aggressive in the marketplace and building our product lines."
Mike Warehime, chairman of Snyder's of Hanover, said, "Both companies have been rigorous in their efforts and will continue to work together in community and industry activities. Snyder's will continue focusing on developing and supporting our national direct store delivery footprint with our brand building programs, national advertising, outstanding quality and superior store level service."
Utz president Tom Dempsey said, "We are proud that Utz remains one of the top employers in the region and continues to be a strong community partner. We look forward to the future with renewed focus on our brands, customer and employees."
Snyder's of Hanover, Pa., is a family-owned snack food company that employs 2,250 associates and operates 1,800 distribution routes nationwide. It has annual revenues of $750 million.
Utz Quality Foods produces a full line of snacks in its four Hanover manufacturing facilities, employs more than 2,200 workers and has annual sales in excess of $400 million.
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