) recently announced plans to close a manufacturing facility in
Canada in order to save costs.
Effective beginning May this year, Snyder's-Lance will shut
down its bakery facility in Cambridge, Ontario and consolidate
its production with other manufacturing facilities. The decision
to close down the facility came on the back of Snyder's-Lance
comprehensive review of its manufacturing facilitates. The
company's other manufacturing facilities are located in N.C.,
Pa., Iowa, Ind., Ga., Ariz., Mass., Fla. and Ohio.
Snyder's-Lance is engaged in the manufacture, marketing and
distribution of a variety of branded and private label snack
foods and bakery products. Its products include sandwich
crackers, pretzel crackers, potato chips, cookies, tortilla
chips, restaurant style crackers, nuts and other snacks.
Snyder's-Lance owns 4 core brands; Snyder's of Hanover
pretzels, Lance sandwich crackers, Cape Cod potato chips and
Pretzel Crisps cracker. Pretzel Chips was acquired in October
last year as part of Snyder's-Lance's acquisition of the
Princeton, N.J.-based company, Snack Factory from VMG Partners
for $340 million in cash terms. Pretzel Crisps is the world's
first pretzel-shaped low calorie cracker.
Early last month, Snyder's-Lance reported a mixed fourth
quarter and full year 2012 results. Earnings beat while revenue
missed the Zacks Consensus Estimate. Earnings increased 45% and
revenue grew 1.9% year over year.
Other Stocks to Consider
Snyder's-Lance carries a Zacks Rank #3 (Hold). Some other food
stocks worth considering include
ConAgra Foods. Inc.
J&J Snack Foods Corp.
Flowers Foods, Inc.
). All these stocks carry a Zacks Rank #1 (Strong Buy).
CONAGRA FOODS (CAG): Free Stock Analysis
FLOWERS FOODS (FLO): Free Stock Analysis
J&J SNACK FOODS (JJSF): Free Stock Analysis
SNYDERS-LANCE (LNCE): Free Stock Analysis
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