Snyder's-Lance To Sell Private Brands For $430M
CHARLOTTE, N.C. (AP) -- The pretzel and chipmaker Snyder's-Lance is selling its private brands and two manufacturing plants to Shearer's Foods LLC for $430 million as it hones its focus on its well-known brands.
The company's branded foods accounted for about 61 percent of overall revenue last year, according to regulatory filings, and private brands made up less than 20 percent.
The plants being sold to the private-label snack maker are in Burlington, Iowa, and Ontario, Canada.
Snyder's-Lance makes Snyder's of Hanover pretzels, Stella D'Oro breadsticks and cookies, as well as Jays potato chips.
Shearer's is based in Massillon, Ohio. Snyder-Lance Inc. is based in Charlotte, North Carolina.
The transaction is expected to close in the second quarter. Shearer's still needs to get financing for the deal.