Utz, Snyder's of Hanover Ditch Merger
On second thought, maybe a merger between Snyder's of Hanover and Utz Quality Foods isn’t the best course to follow.
On second thought, maybe a merger between Snyder's of Hanover and Utz Quality Foods isn’t the best course to follow.
Then again, maybe not. Just weeks after announcing their merger, Snyder's of Hanover and Utz Quality Foods called off their marriage.
The end of the engagement came after receiving word that their first and second filing had not been cleared by the Federal Trade Commission (FTC). After hearing from the commission, Utz and Snyder’s of Hanover, both based in Hanover, Pa., note that they wanted to move on and to withdraw from what would likely have been a protracted approval process.
"Although we recently announced our intended merger with Utz Quality Foods, it was contingent upon Federal Trade Commission clearance," says Carl E. Lee, Jr., president and CEO of Snyder's of Hanover. "While the decision was unexpected, it's best that Snyder's move on to other opportunities that are available to our company."
Michael W. Rice, Utz Quality Foods chairman and CEO, adds that the company was excited by the prospect of merging with Snyder's of Hanover. However, the likely extended approval process by the FTC deterred the company from moving forward.
“We knew that participating in another FTC request would put a strain on our company and ultimately distract us from what we are here to do every day, which is to provide high-quality snacks to our customers and serve our community," Rice says. "As we look toward 2010 and beyond, we are committed to staying aggressive in the marketplace and building our product lines."
Mike Warehime, chairman of Snyder's of Hanover, adds that both companies have been rigorous in their efforts and will continue to work together in community and industry activities.
“Snyder's will continue focusing on developing and supporting our national direct-store-delivery footprint with our brand building programs, national advertising, outstanding quality and superior store level service" he says.
Snyder's of Hanover is a family-owned company that employs 2,250 associates and operates 1,800 distribution routes nationwide with annual revenues of $750 million.
Utz Quality Foods, Inc. produces a full line of snacks in its four manufacturing facilities, employs more than 2,200 workers and has annual sales in excess of $400 million.
On second thought, maybe a merger between Snyder's of Hanover and Utz Quality Foods isn’t the best course to follow.
Then again, maybe not. Just weeks after announcing their merger, Snyder's of Hanover and Utz Quality Foods called off their marriage.
The end of the engagement came after receiving word that their first and second filing had not been cleared by the Federal Trade Commission (FTC). After hearing from the commission, Utz and Snyder’s of Hanover, both based in Hanover, Pa., note that they wanted to move on and to withdraw from what would likely have been a protracted approval process.
"Although we recently announced our intended merger with Utz Quality Foods, it was contingent upon Federal Trade Commission clearance," says Carl E. Lee, Jr., president and CEO of Snyder's of Hanover. "While the decision was unexpected, it's best that Snyder's move on to other opportunities that are available to our company."
Michael W. Rice, Utz Quality Foods chairman and CEO, adds that the company was excited by the prospect of merging with Snyder's of Hanover. However, the likely extended approval process by the FTC deterred the company from moving forward.
“We knew that participating in another FTC request would put a strain on our company and ultimately distract us from what we are here to do every day, which is to provide high-quality snacks to our customers and serve our community," Rice says. "As we look toward 2010 and beyond, we are committed to staying aggressive in the marketplace and building our product lines."
Mike Warehime, chairman of Snyder's of Hanover, adds that both companies have been rigorous in their efforts and will continue to work together in community and industry activities.
“Snyder's will continue focusing on developing and supporting our national direct-store-delivery footprint with our brand building programs, national advertising, outstanding quality and superior store level service" he says.
Snyder's of Hanover is a family-owned company that employs 2,250 associates and operates 1,800 distribution routes nationwide with annual revenues of $750 million.
Utz Quality Foods, Inc. produces a full line of snacks in its four manufacturing facilities, employs more than 2,200 workers and has annual sales in excess of $400 million.
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