Snyder's-Lance, Inc. (LNCE - Snapshot Report) 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. (CAG - Analyst Report) , J&J Snack Foods Corp. (JJSF - Snapshot Report) and Flowers Foods, Inc. (FLO - Snapshot Report) . All these stocks carry a Zacks Rank #1 (Strong Buy).