Campbell’s completes $6.1bn deal for Kettle Foods owner Snyder’s-Lance
PUBLISHED: 10:06 27 March 2018 | UPDATED: 10:06 27 March 2018
Archant Norfolk 2017
Campbell’s has completed the acquisition of Kettle Foods owner Snyder’s Lance in a $6.1bn deal.
The soup giant made iconic by Andy Warhol will merge the company with Pepperidge Farm to form the $10bn Campbell Snacks division.
The company said it expected to make $170m in cost savings by the end of 2022 with an additional $125m being made from Snyder’s-Lance’s existing transformation programme.
“Snyder’s-Lance represents a strategic and transformative acquisition for Campbell, creating a $10bn company with nearly half of our annual net sales in the faster-growing snacks category,” said Campbell’s president and chief executive Denise Morrison. “The combination of Campbell and Snyder’s-Lance creates a unique, diversified snacking portfolio of differentiated brands and a large variety of better-for-you snacks for consumers.”
Kettle was itself bought by Snyder’s-Lance in 2016.
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