Snack Merger Doubles Size Of Charlotte-Based Lance
Charlotte-based cracker company Lance Inc announced a merger today that will nearly double its size. In a salty-snack marriage of equals, the leader in sandwich crackers has said "I do" to the top pretzel maker in the country. "The cultures of the companies are similar and our values are similar and a really experienced management team with a great track record," says Lance CEO David Singer on a call with investors Thursday touting the merger with Snyder's of Hanover. The combined companies had revenue of $1.6 billion last year. Executives say they the merger will save about $30 million in over-lapping costs. The new company called "Snyder's-Lance Inc." will continue to be publicly traded with headquarters in Charlotte, though some of the pretzel executives will stay in Pennsylvania.