HANOVER, PA -- Snyder's of Hanover Inc.'s plan to acquire Utz Quality Foods has fallen through. Utz chief Michael W. Rice said that satisfying the FTC's request for additional information after two filings on the proposed merger failed to gain its approval would put a strain on the company.
Snyder's announced the deal to buy Utz on Oct. 22. "Although we recently announced our intended merger with Utz Quality Foods, it was contingent upon Federal Trade Commission clearance," noted Carl E. Lee, Jr., president and chief executive 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."
Family-owned Snyder's manufactures a wide range of pretzels that are a staple in vending machines nationwide. It also owns the Jays Potato Chips and O-Ke- Doke popcorn brands. The chip maker employs 2,250 associates and operates 1,800 distribution routes nationwide, with annual revenues of $750 million.
Utz produces snack chips in four Hanover, PA-based manufacturing facilities, employs more than 2,200 workers and reports annual sales in excess of $400 million.