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19 December 2017, 10:51 | Rose Hansen
Campbell’s Is Buying Snyder’s
Luca Mignini, president of Campbell's global biscuits and snacks unit, which will include the newly acquired brands, said Snyder's-Lance has had 4 percent annual revenue growth in recent years, excluding acquisitions - far better than Campbell overall, which has struggled to increase revenue.
The $50-per-share cash deal is to be completed by mid-year 2018, pending approval from Snyder's Lance shareholders and government regulators.
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.
USA stocks climbed again Monday and set more records as investors grew more certain Republicans will pass their tax plan this week. "The transaction also unlocks the value of our portfolio, reflecting the progress we have made planning and executing our transformation", Driscoll said.
Campbell now gets about 31 percent of its sales from snacks and 35 percent from soup, the company said.
Camden, New Jersey-based Campbell has reported falling sales as more people avoid processed foods.
Including net debt and a $76 million make-whole payment, the deal is valued at $1.6 billion, the companies said in a news release. This represents a premium of 27 percent of the company's closing price on December 13. The company was No. 862 on the 2017 Forbes list of Fortune 1000 companies.
"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. 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.
Snyder's Lance had net sales of about $2.2 billion for the 12 months ended September 30.
After the deal, snacks will make up almost half of Campbell's sales.
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