New Jersey

Sale of Snack Company Snyder's-Lance to Campbell Soup Co. Could Close Soon

The maker of Lance peanut butter sandwich crackers and Snyder's of Hanover pretzels is set to be taken over by one of the largest U.S. packaged food companies.

Charlotte-based snack maker Snyder's-Lance Inc. says shareholders overwhelmingly approved its planned sale to Camden, New Jersey-based Campbell Soup Co. and the deal is set to close Monday.

Snyder's-Lance said more than 99 percent of votes cast at a special meeting Friday backed the $4.9 billion sale announced in December.

Campbell Soup said the acquisition would allow it to expand its distribution channels in the crowded snack market.

Snyder's-Lance is the product of the 2010 merger of Pennsylvania-based Snyder's of Hanover and Lance, a snack company the Charlotte Observer reported started in 1913 by selling roasted peanuts on the North Carolina city's streets.

Copyright AP - Associated Press
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