Snyder’s-Lance Invests USD38m in Charlotte Sites, but Quits Diamond of California
Snyder’s-Lance, Inc. has announced the sale of its Diamond of California culinary nut business to Blue Road Capital. At the same time, the company is expanding its sites in Charlotte.
In agreement with the buyer, specific terms for transitioning Diamond of California have not been disclosed, but the company expects the transaction to close around year-end 2016.
“This strategic transaction will allow us to concentrate on our core business of providing our consumers and retail partners with our premium portfolio of snack brands, focused on better ingredients, quality and taste,” said Carl E. Lee, Jr., president and chief executive officer at Snyder’s-Lance.
On the other hand, Governor Pat McCrory, North Carolina Commerce Secretary John E. Skvarla, III and the Economic Development Partnership of North Carolina (EDPNC) announced a 100-job expansion by Snyder’s-Lance, Inc. in MecklenburgCounty. The company will invest USD38m over the coming three years in its Charlotte headquarters and production facility.
Snyder’s-Lance is the second largest maker of salty snacks in the U.S. Its popular brands include Snyder’s of Hanover, Lance, Kettle Brand, Cape Cod, Snack Factory Pretzel Crisps, Pop Secret, Emerald, Diamond of California, Late July and other brands. The company was formed following the 2010 merger of Lance Inc. and Snyder’s of Hanover. Snyder’s-Lance reported nearly USD1.7bn in net revenue for 2015. It currently employs more than 1200 people in North Carolina.
“You can’t beat made in North Carolina products that are tasty snacks,” said Commerce Secretary Skvarla. “Among the reasons we lead the Southeast in manufacturing employment are the 62000 workers who make the consumer food and beverage industry a global player.”
Snyder’s-Lance intends to hire 70 workers for a new production line at its South Boulevard manufacturing plant and another 30 at its Ballantyne headquarters.
Total net revenue of Snyder’s-Lance increased 41.3% alongside the contribution of Diamond Foods.