US: Snyder's-Lance sells private-label business
Snyder's-Lance focuses on branded snacks
US snack group Snyder's-Lance has sold its private-label business in a US$430m deal that will enable it to focus on branded sales.
Shearer's Foods will purchase the own-label snack business, including two snack manufacturing facilities in Canada and the US.
"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," Snyder's-Lance said in a statement.
BB&T Capital Markets analyst Brett Hundley suggested the move could also boost Synder's-Lance margins. "We believe that a sale of its PL business, combined with an improved business mix and further M&A, will help to improve operating margins to above 10% while unlocking equity value," he suggested.
Shares in the group were up almost 3% in morning trade in New York today (7 May).
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