Snyder’s-Lance Completes Acquisition of Diamond Foods
Snyder’s-Lance, the US-based snack foods group, has completed its $1.91 billion acquisition of rival Diamond Foods. The acquisition creates a powerful, international snack foods company with an innovative and diversified product portfolio.
The addition of leading snack food brands such as Kettle Brand potato chips, KETTLE Chips, Pop Secret popcorn, Emerald snack nuts, and Diamond of California culinary nuts positions Snyder’s-Lance to compete more broadly and with enhanced capabilities. Each of these brands brings unique strengths to support Snyder’s-Lance’s strategic plan while increasing the company’s annualised net revenue to approximately $2.6 billion. The transaction also expands the company’s overall footprint in ‘better-for-you’ snacking and increases its natural food channel presence.
Snyder’s-Lance is projecting estimated annualised synergies from cost savings of $75 million, with approximately $10 million to be re-invested in the company’s growth plans. Snyder’s-Lance expects the transaction to be immediately accretive to 2016 annualised earnings.
“We are very excited to have completed the acquisition of Diamond Foods and look forward to starting this new chapter in our company’s history. Diamond has been a powerful industry leader in snack foods with exceptional brands and we’re excited to bring these two great teams together,” says Carl E Lee, Jr, president and chief executive of Snyder’s-Lance. “By bringing together the resources and expertise of the Snyder’s-Lance and Diamond teams, we expect to see widening profit margins as we gain synergies and progress though our integration plans over the next 12 to 24 months.”
