Shearer’s Foods LLC in Massillon, a maker of private-label snacks, has completed its $430 million acquisition of the Private Brands business and two North American manufacturing facilities of Charlotte, N.C.-based Snyder's-Lance Inc. (Nasdaq: LNCE).
Snyder’s-Lance said in a news release that its after-tax proceeds from the sale will be about $300 million. The company, which makes products including pretzels, sandwich crackers, pretzel crackers, potato chips, cookies, tortilla chips, restaurant style crackers, nuts and other snacks, said the sale of the Private Brands business allows it to focus entirely on its branded portfolio.
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Source: Crain's Cleveland Business
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