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Snack food giants Snyder’s of Hanover and Utz Quality Foods have called off their pending merger, after learning late last week that their first and second filings had failed to earn clearance by the Federal Trade Commission (FTC). Utz then opted to pull out of what was shaping up to be a drawn out approval process.
“[The] intended merger with Utz …was contingent upon FTC clearance,” noted Snyder’s president and CEO Carl E. Lee Jr. “While the decision was unexpected, it”s best that Snyder's move on to other opportunities that are available to our company.”
“[W]e knew that participating in [the second] FTC request would put a strain on our company and ultimately distract us from [our business],” added Utz chairman and CEO Michael W. Rice. “As we look toward 2010 and beyond, we are committed to staying aggressive in the marketplace and building our product lines.”
Both companies are headquartered in Hanover, Pa. Snyder’s employs 2,250 associates and operates 1,800 distribution routes across the country, while Utz runs four manufacturing facilities and employs more than 2,200 workers.
News of the merger was originally revealed last month.