Campbell’s has announced that it has completed the $4.87 billion acquisition of Snyder’s-Lance, and will now form a new snacks brand in the US called Campbell’s Snacks.
Campbell’s will combine the operations and brands of Snyder’s-Lance and Pepperidge Farm to create the new division, which the brand estimates will generate $10 billion in net sales annually.
Campbell’s global baked snacks product portfolio generated approximately $2.5 billion in net sales in 2017, and the brand estimates that the addition of Snyder’s-Lance will mean that snacks could account for approximately 47% of Campbell’s annual net sales.
The combined Campbell Snacks portfolio will feature brands such as Goldfish and Milano along with Snyder’s-Lance’s brands such as Snyder’s of Hanover, Kettle chips, and Snack Factory Pretzel Crisps.
Carlos Abrams-Rivera, the former president of Campbell’s US biscuits and snacks arm, has been appointed as the head of the Campbell’s Snacks division, and he will report to Luca Mignini, president of global biscuits and snacks.
Members of the new leadership team were selected from both Cambell’s and Snyder’s-Lance, which the brand says will help make the division competitive in the US snacks market.
Abrams-Rivera said: “We carefully selected leaders from Campbell and Snyder’s-Lance to form the Campbell Snacks leadership team based on their expertise and understanding of how to leverage both businesses to support overall growth and profitability across the enterprise.
“The Campbell Snacks team will focus on optimizing the value of our US snacks business to deepen our partnership with customers through the power of the combined portfolio.”
Mignini added: “We have the insights and know-how in snacks to execute and grow in this space.
“I am very confident that Carlos and the expertise of the Campbell Snacks leadership team will continue to drive momentum in the businesses and achieve the cost synergies we have outlined.
“We are taking a disciplined approach to the integration of Snyder’s-Lance to ensure its success.”
Source: FoodBev
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