Issue Date: Vol. 49, No.11, November 2009, Posted On: 10/26/2009
Snyder's Of Hanover Announces Acquisition Of Utz Quality Foods
by Staff Reporter
Snyder's of Hanover, Snyder's, Carl E. Lee Jr., Mike Warehime, Mike Rice, Utz Quality Foods Inc., Utz, snack food, snackfood, pretzel, potato chip, pretzel factory, chip factory, chips, vending, vending machine, vending route, automatic retailing, vending business, foodservice, acquisition, Hanover Pennsylvania
HANOVER, PA -- Snyder's of Hanover plans to acquire Utz Quality Foods Inc., according to an announcement by Snyder's president and chief executive Carl E. Lee Jr. The principals are awaiting clearance from the Federal Trade Commission to consummate the transaction, and anticipate that this will be secured by year's end.
Both companies are based in Hanover, and have contributed to the city's unofficial designation as "the snack capital of the world." Snyder's of Hanover was established in 1909; Utz, in 1921.
"Two market leaders will be combining forces to create a stronger company that will strengthen our position in the marketplace, serve our retailers and vendors better, and continue to give consumers the brands and products that they have loved from both companies," Lee observed.
Mike Rice, chairman and chief executive of Utz Quality Foods, explained, "We'll be playing on the strengths of both companies as we move forward." He pointed out that the two companies are similar in being privately held family-owned and operated businesses with extensive community involvement.
Plans call for the Utz management team to continue after the transaction closes, and for Rice to serve on the board. Snyder's plans to continue operations in all four Utz plants in Hanover as well as in its present facility.
"This is the perfect marriage of two leading snack food companies whose relative business strengths are highly complementary in terms of product line and geographic reach," said Snyder's board chairman Mike Warehime, who added that the transaction improves the organization's long-term viability in the snack food industry.