Snyder's-Lance Diamond Merger to Boost 'Better-for-You' Snacks

Snyder's-Lance Inc. announced Wednesday it will buy Diamond Foods Inc. for roughly $1.27 billion in order to increase its inventory of healthy snacks.

"Diamond has excelled in delivering exceptional product quality and innovation across their entire product portfolio, with products and ideas that work perfectly alongside our Snyder's-Lance brands," said Carl E. Lee, Jr., President and CEO of Snyder's-Lance, in a statement.

"By combining the resources and expertise of Snyder's-Lance and Diamond, we expect to see widening profit margins with additional scale and an expanding line of our better-for-you products," he added.

The deal is also expected to expand Snyder's-Lance overseas.

The Associated Press reported that Diamond's product portfolio includes Emerald snack nuts, Kettle Brand potato chips, and Pop Secret popcorn.

Diamond Foods' shareholders will receive 0.775 Snyder's-Lance shares and $12.50 in cash per share as a result of the acquisition.

The deal is expected to close early next year.

Diamond Foods President and CEO Brian Driscoll will join the Snyder's-Lance board.

Reuters reported in an update that Kellogg was reported to be in talks to buy Diamond Foods earlier this month. 

Lance Inc. and Snyder’s of Hanover merged in 2010 to form Snyder's-Lance.

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