US snack food maker Lance has announced that the company was the successful bidder in a US Bankruptcy Court directed auction of the assets of Tom’s Foods, a US-based snack food manufacturer and distributor.
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The completion of the transaction is subject to approval of the sale by the US Bankruptcy Court. Tom’s products include potato chips, nuts, sandwich crackers and other snack food items that are distributed through a combination of independent distributors and company-owned direct store delivery routes. Primary retail outlets for Tom’s products are convenience stores and vending machines in the Southeast US. The company’s assets include five manufacturing facilities in the US, which employ approximately 1,400 employees.
The purchase price for the assets of Tom’s is US$37.9m plus the assumption of certain current liabilities.
“Tom’s has a strong heritage and solid reputation in the snack food business, and we believe that this opportunity will make our company stronger. The transaction developed quickly, and we are still developing our plans. In the near term we intend to continue business as usual while we develop a plan to effectively meet the needs of our customers and consumers. We are confident that the combination of increased sales and operating synergies will create value for Lance, Inc. stockholders,” said David Singer, president and chief executive officer.
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