Campbell Soup to buy Pretzel owner in $4.87bn deal, shares rise

19 December, 2017, 11:17 | Author: Cassandra Gardner
  • Campbell Soup Co. announced it will purchase Snyder's-Lance Co

Both companies said Friday they don't comment on rumors.

In another major snack company acquisition, Campbell Soup Co.is gobbling up Snyder's-Lance Inc. for $4.87 billion.

Snyder's Lance had net sales of about $2.2 billion for the 12 months ended September 30. The deal is expected to close early in the second quarter 2018.

Campbell also would end a program to buy back its shares, and would apply any savings from tax-code changes toward reducing its debt, DiSilvestro said.

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"We think the Snyder's-Lance deal represents crystalline logic", ConsumerEdge Research analyst Jonathan Feeney said in a note.

It is unclear whether the deal will result in any layoffs at the Snyder's-Lance corporate headquarters in Ballantyne, where the company employs about 1,300.

Hershey, meanwhile, will spend about $921 million to acquire Amplify Snack Brands, which makes SkinnyPop popcorn and Paqui tortilla chips.

Share prices were higher in Europe on Monday after a day of robust gains in Asia as investors anticipated passage of US tax legislation that could boost corporate profits in the world's largest economy. In 2012, it acquired dressing, beverage and vegetable company Bolthouse Farms for $1.55 billion.

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Campbell's baked snacks product portfolio generated approximately $2.5bn in net sales in fiscal 2017.

Camden, New Jersey-based Campbell has reported falling sales as more people avoid processed foods.

"Campbell's expertise in brand-building, R&D, and supply chain and operations, coupled with Snyder's-Lance well-known portfolio, distribution system, and history of strong sales growth, will help us to create a differentiated, branded snacking business with greater scale", said Luca Mignini, president of Campbell's Global Biscuits and Snacks division, in the joint press release.

Soup sales have fallen 9% since previous year, the company reported in November. Driscoll, the former CEO of Diamond Foods and a member of Snyder's-Lance's board, was named his successor in June. It is unclear if the Campbell Soup deal affects the expansion plans.

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