CHARLOTTE, NC -- Snyder's-Lance Inc. has acquired New England snack food distributor George Greer Co. Inc., in line with a strategy to strengthen its distribution network.
Greer, based in Providence, RI, operates a direct-store delivery system encompassing 120 independent operators, with distribution centers in Salem, NH, Providence, RI, and Cape Cod, Lakeville and Boston, MA. The addition of the Greer distribution system will further strengthen Snyder's-Lance's established DSD system in New England.
Lance Inc. merged with Snyder's of Hanover Inc. in December 2010, giving the combined company a national distribution footprint, including one of the largest direct-store delivery networks in the U.S. and positioning it to compete against PepsiCo Inc.'s Frito-Lay in the salty snacks business.
Snyder's-Lance has a portfolio that includes pretzels, sandwich crackers, potato chips, cookies, tortilla chips and nuts under such brands as Snyder's of Hanover, Lance, Cape Cod, Tom's, Jays, O-Ke-Doke, Stella D'oro, Krunchers! and Archway.
Separately, Snyder's-Lance Inc. posted a second-quarter loss of $3.8 million, compared with Lance Inc.'s prior-year profit of $12.4 million. Officials attributed the loss to charges related to Lance-Snyder's previously announced conversion from a direct-store delivery system to an independent operator model following the merger. | SEE STORY
Net revenues for the quarter surged to $413 million from pre-merger $235 million a year ago.
The company reiterated its full-year outlook issued in July for adjusted earnings between $0.75 and $0.90 a share on revenues in the range of $1.59 billion to $1.63 billion.