Campbell's Is Buying Snyder's

19 December, 2017, 11:19 | Author: Jeffery Armstrong
  • Campbell’s Is Buying Snyder’s

"A lot of those companies don't have, or haven't taken advantage of, all of the nooks and crannies of the tax code", said Jason Pride, director of investment strategy at Glenmede.

Campbell's acquisition of Snyder's-Lance is the sixth takeover the company has carried out in five years.

The deal is waiting for approval from Snyder-Lance's shareholders and regulatory approval. Campbell Soup said the acquisition will help expand its position in the $89 billion snacking market in the U.S.

Campbell completed its $700 million acquisition of organic soup and broth maker Pacific Foods last week, when media reports first surfaced about a possible deal with Snyder's-Lance.

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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.

Snyder's stock increased by 6.7 percent at Monday's premarket to $49.95 per share.

"We know how to do this", she said of cost-cutting.

Following the purchase, Campbell's projects that snacking will represent 46% of its sales on a pro forma basis next year, while soup products are anticipated to make up 27% of sales.

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Campbell acquired dressing, beverage and vegetable company Bolthouse Farms in 2012 for $1.55 billion.

Campbell Soup, based in New Jersey, already makes a number of well-known snacks, including Goldfish crackers and Milano cookies. Lee Jr. was replaced by Brian Driscoll, the former president of Diamond Foods.

Campbell Soup has said it will finance the deal with $6.2 billion of debt. Following the leadership changes this summer, the company laid off dozens in its accounting department in Charlotte, opting to move the work up to its Pennsylvania office instead.

The deal - the largest in the soup company's 148-year history - was announced December 18.

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Late past year, Snyder's-Lance said it was selling Diamond Foods' nut business to a private equity firm, while keeping other Diamond products. But he cautions that the deal sets Hershey up for competition with PepsiCo Inc's Frito-Lay and Campbell's Pepperidge.

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