Tuesday, 26 July 2016

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The 20th EAPR Conference to Take Place in Versailles Next Year

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INTERPOM | PRIMEURS 2016: Growing through Precision Technology

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  The organizers of INTERPOM | PRIMEURS 2016 have announced the biggest edition ever of the trade...

Utz Foods Acquires Golden Enterprises for USD135m

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French Student Develops Hand-held Pesticide Detector, Scan Eat

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Kiremko is the Main Supplier for New Project Linkage Farm Frites in China

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McCain Foods Invests USD65m in Expanding Its French Fries Plant in Canada

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McCain Foods (Canada) announced a major investment of USD6...

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The UK potato supplier Branston has begun work on its GBP5...

Processed Potatoes in EU Worth EUR10b in 2014

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Government in Venezuela Authorizes Import of Potato Seeds

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Kangaroo Island Potato Producer Wins the “Mini MBA” for Farmers

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CEJA President: Losing Young Farmers Puts the Future of European Food Production at Risk

CEJA President: Losi...

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Researchers Develop Nutrient-rich Purple Potato

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Lance Inc and Snyder's of Hanover have announced they have signed a definitive agreement to combine in a stock-for-stock merger of equals that will create a combined company to be called Snyder's-Lance Inc.

The combined company will have the operating scale and balance sheet strength to provide even more value to consumers, customers and shareholders. In addition to leading iconic brands including Lance®, Snyder's of Hanover, Cape Cod and Grande, Snyder's-Lance will have a national distribution footprint including one of the largest Direct Store Delivery ("DSD") networks in the United States.
Snyder's-Lance will have pro forma combined net sales of approximately $1.6 billion, adjusted EBITDA of approximately $170 million, pre-synergies, and strong free cash flow for the twelve month period ended June 26, 2010.
The combination is expected to generate more than $30 million in annualised synergies. The transaction is not expected to materially impact stand-alone Lance earnings in 2010, excluding special items, but will add incremental earnings per share of more than 10 per cent, on a fully synergized basis.
The transaction brings together Snyder's, a global leader in pretzels and a US leader in specialty snacks that traces its roots to 1909, with Lance, a US snack food leader in sandwich crackers, potato chips, and cookies founded in 1913.
"This transaction allows us to create a stronger company in a highly competitive industry and simultaneously create value for our shareholders. Snyder's-Lance will have a broad array of leading snack food products supported by a strong national DSD system," said David V Singer, President and Chief Executive Officer of Lance. "We are extremely pleased with the opportunity to combine two leading snack food companies in such a strategically compelling merger. Combining our strengths in salty, cracker and cookie snacks creates the opportunity to be a focused specialty company with the scale to compete in high volume categories," said Carl E Lee, Jr, President and Chief Executive Officer of Snyder's.

 

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