Snyder's buying Snack Factory for $340 million
CHARLOTTE, N.C. (AP) — Snyder's-Lance Inc. said Wednesday that it plans to buy cracker maker Snack Factory LLC for $340 million in cash to expand into the deli-bakery snack business.
The company expects the deal to close in the fourth quarter. It anticipates the acquisition will add 2 cents per share in its 2012 fiscal year and 10 cents per share in 2013. Snyder's also thinks the purchase will boost its revenue by $160 million in 2013.
Snyder's, based in Charlotte, N.C., makes a variety of chips, cookies, tortilla chips and other snacks. Snack Factory, based in Princeton, N.J., makes Pretzel crisps, a flat pretzel-shaped cracker.
Shares of Snyder's rose 4 cents to close at $22.50.