Snyder's-Lance is to acquire Diamond Foods, Kettle Foods UK's parent company, for approximately £1.21bn
Diamond Foods is a leading snack food company with five brands including Kettle crisps. The brand brings unique strengths that fit with Snyder’s-Lance’s strategic plan while increasing the company’s annual net revenue to around £1.7bn.
Snyder’s-Lance expects that this transaction will provide a platform for growth in the UK and across Europe.
Carl E Lee Jr, President and CEO of Snyder's-Lance, said, 'Diamond Foods is a clear industry leader with exceptional brands, and we're excited to bring together these two highly complementary companies.
'We plan to take full advantage of the combined sales forces of Snyder's-Lance and Diamond to drive stronger top line growth than either company could achieve alone.
'Additionally, we will have an opportunity to grow internationally with Diamond’s existing European platform, bringing unique products to consumers in that market.'