HANOVER, YORK COUNTY -
Two snack food giants based in York County are combining forces. Snyder's of Hanover announcing, they intend to buy Utz Quality Foods.
At this point, executives say, all 4,500 jobs at the five factories in York County and throughout both companies will be safe. The two companies hope combining forces will better help them to compete in the ever growing snack food market.
For nearly 90 years, Snyder's of Hanover and Utz Quality Foods have competed against one another in the snack food industry. Now, they announce, they are joining forces.
"This is the perfect marriage of two leading snack food companies whose relative business strengths are highly complementary in terms of product line and geographic reach," said Snyder's of Hanover Chairman Mike Warehime.
Snyder's of Hanover opened in 1909 and Utz in 1921. Both are based in Hanover, York County and both are family owned and operated. The biggest differences, distribution and market size. According to Hoovers.com, a business oriented database, Snyder's of Hanover distributes their products nationally, logging over $650 million in sales last year. Utz products only extend regionally, tallying nearly $166 million in sales.
Both sides think the sale will benefit the companies and the community as a whole.
"What's really important in this acquisition is that we will continue to serve our customers and consumers well, that our employees will continue to have good jobs and benefits, that the community will thrive from our growth and that, as our brands become stronger, so will all parties involved," said Snyder's of Hanover CEO Carl Lee.
"As we develop our expanded portfolio of brands, we believe this will lead to additional sales and manufacturing jobs over time as we grow both brands and expand the new company," said Mike Rice, CEO of Utz.
Before the deal is finalized, the companies will have to await approval from the Federal Trade Commission. If the sale is approved, the companies say they hope to complete the transaction by some time in 2010.
At this point, executives say, all 4,500 jobs at the five factories in York County and throughout both companies will be safe. The two companies hope combining forces will better help them to compete in the ever growing snack food market.
For nearly 90 years, Snyder's of Hanover and Utz Quality Foods have competed against one another in the snack food industry. Now, they announce, they are joining forces.
"This is the perfect marriage of two leading snack food companies whose relative business strengths are highly complementary in terms of product line and geographic reach," said Snyder's of Hanover Chairman Mike Warehime.
Snyder's of Hanover opened in 1909 and Utz in 1921. Both are based in Hanover, York County and both are family owned and operated. The biggest differences, distribution and market size. According to Hoovers.com, a business oriented database, Snyder's of Hanover distributes their products nationally, logging over $650 million in sales last year. Utz products only extend regionally, tallying nearly $166 million in sales.
Both sides think the sale will benefit the companies and the community as a whole.
"What's really important in this acquisition is that we will continue to serve our customers and consumers well, that our employees will continue to have good jobs and benefits, that the community will thrive from our growth and that, as our brands become stronger, so will all parties involved," said Snyder's of Hanover CEO Carl Lee.
"As we develop our expanded portfolio of brands, we believe this will lead to additional sales and manufacturing jobs over time as we grow both brands and expand the new company," said Mike Rice, CEO of Utz.
Before the deal is finalized, the companies will have to await approval from the Federal Trade Commission. If the sale is approved, the companies say they hope to complete the transaction by some time in 2010.
