Lance Inc.

From Wikipedia, the free encyclopedia
Lance, Inc.
Type Subsidiary
Industry Snack food
Founded 1913
Headquarters Charlotte, North Carolina, U.S.
Products ToastChee
Thunder potato chips
Captain's Wafers
Cape Cod Potato Chips
Revenue Increase $852.4 million USD (2008) [1]
Employees 5,500
Parent Snyder's-Lance
Subsidiaries Tom's Snacks
Cape Cod Potato Chips
Brent & Sam's Cookies
Vista Bakery, Inc
Stella D'oro
Website

Lance, Inc. is an American snack food company headquartered in Charlotte, North Carolina.

They manufacture snacks such as:[2]

History

Philip Lance and Salem Van Every, Lance's son-in-law, started selling single serve snacks in 1913. Two years later, they opened the doors of the Lance Packaging Company in Charlotte, North Carolina. In 1943, Philip Lance Van Every took over leadership of Lance, still a privately held company. Today, Lance, Inc., is a leader in the snack food industry and one of the largest manufacturers and distributors of snack foods in the United States, especially in the South.

On March 6, 2001, Lance Inc restated its earnings for the fourth quarter and full-year 2000 by two cents a share, citing accounting 'inaccuracies'.[3]

Ownership

Although Lance, Inc., is publicly traded, the Van Every family still maintains an active interest in the company. Lance has paid quarterly dividends to stockholders for decades. The dividend has been $0.16 per share since 2000.

Merger

A Lance delivery van in Philadelphia, PA.
On July 22, 2010, Lance announced that it would merge with Snyder's of Hanover. The resulting company, to be known as Snyder's-Lance Inc., would remain publicly traded under the LNCE symbol. Headquarters would remain in Charlotte.[4] On December 2, Lance shareholders approved the deal that created the country's second largest snack food company.[5] The merged company became Snyder's-Lance.

Nabs

Many snack cracker products manufactured by Lance are commonly referred to as "Nabs", a genericized trademark name for Nabisco snack crackers. The term originated in 1924 when the National Biscuit Company (Nabisco) introduced a snack, put in a 5-cent sealed packet called "Peanut Sandwich Packet". They soon added a second, "Sorbetto Sandwich Packet". These packets allowed salesmen to sell to soda fountains, road stands, milk bars, lunch rooms, news stands etc. Sales increased and in 1928 the company adopted and started to use the name NAB, which immediately won the approval of the public.[6]

References

  1. ↑ 2008 Annual Report
  2. ↑ Lance Products
  3. ↑ "LANCE INC". 
  4. ↑ Sentementes, Gus G. "Snyder's of Hanover to merge with N. Carolina snack maker Lance," The Baltimore Sun, Friday, July 23, 2010.
  5. ↑ "Lance shareholders support merger plan". Winston-Salem Journal. Associated Press. 2010-12-03. Retrieved 2010-12-03. 
  6. ↑ Duffin-Ward, Maureen (2004). Suddenly Southern: A Yankee's Guide to Living in Dixie (Google books preview). New York: Simon & Schuster. p. 44. ISBN 9780743254953. Retrieved 2012-04-19. 

External links

This article is issued from Wikipedia. The text is available under the Creative Commons Attribution/Share Alike; additional terms may apply for the media files.