Snyder’s-Lance completes acquisition of Diamond Foods
Snyder’s-Lance Inc., Charlotte, NC, completed of its acquisition of Diamond Foods Inc., San Francisco, on Feb. 29. Per terms of the deal, Snyder’s-Lance has acquired all outstanding shares of Diamond Foods in a cash and stock merger transaction. Diamond Foods stockholders received 0.775 Snyder’s-Lance shares and $12.50 in cash per share of Diamond Foods.
The acquisition creates an international snack foods company with an innovative and diversified product portfolio. The addition of 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. According to Snyder’s-Lance, each of these brands brings unique strengths to support its strategic plan, while increasing its annualized net revenue to approximately $2.6 billion.