Snyder's-Lance To Sell Private Brands For $430 Mln; To Buy Baptista's Bakery

(RTTNews) - Snyder's-Lance Inc. (LNCE) announced Wednesday that it agreed to sell Private Brands along with two manufacturing facilities in the U.S. and Canada to Shearer's Foods, LLC , a provider of private label snacks headquartered in Massillon, OH. The agreed upon sales price is $430 million.

Consistent with the Snyder's-Lance Strategic Plan, this transaction will allow Snyder's-Lance to focus entirely on its branded products by placing more resources to work on growth categories such as "better for you," nutritional and premium snacks, the company said.

Completion of the transaction is subject to regulatory approvals and Shearer's obtaining financing for the transaction as well as customary closing conditions and is expected to close in the second quarter of 2014.

In a separate press release, Snyder's-Lance said that it agreed to acquire Baptista's Bakery Inc., an industry leader in baked snack foods and "better for you" snacks consistent with emerging consumer trends. They are the manufacturer of Snack Factory Pretzel Crisps brand and have unique capabilities consistent with the plans of Snyder's-Lance.

Completion of the transaction is subject to regulatory approvals as well as customary closing conditions and is expected to close in the second quarter of this year.