In another major snack company acquisition, Campbell Soup Co. is gobbling up Snyder's-Lance Inc. for $4.87 billion.
The deal - the largest in the soup company's 148-year history - was announced Dec. 18. Campbell said it will pay Snyder's shareholders $50 per share in cash.
It was the second biggest snack food company news of the day, with The Hershey Co. announcing it is purchasing Amplify Snack Brands Inc.
CNBC reported Campbell's will broaden its Pepperidge Farm snack business and create a "stronger foothold into convenience stores" by adding Snyder's snack brands like Diamond Foods and Pop Secret popcorn.
"This acquisition will dramatically transform Campbell, shifting our center of gravity and further diversifying our portfolio into the faster-growing snacking category," CEO Denise Morrison said in a statement Monday morning.
Snyder's portfolio includes brands such as Snyder's of Hanover, Lance, Kettle Brand, KETTLE chips, Cape Cod, Snack Factory Pretzel Crisps, Pop Secret, Emerald and Late July.
The Hanover, York County-based Snyder's of Hanover is one of the largest pretzel bakers in the nation. It merged with Lance, which is based in Charlotte, North Carolina, in 2010.
CNBC reported that Campbell's generated roughly 31 percent of its sales in fiscal 2017 through baked snack sales. That number will climb to roughly 46 percent of Campbell's annual net sales thanks to the acquisition.
Campbell's has been broadening its brand in recent years. In 2012, it acquired dressing, beverage and vegetable company Bolthouse Farms for $1.55 billion. Earlier this month, it acquired Pacific Foods for $700 million.