CHARLOTTE, N.C. and HANOVER, Pa. - Lance Inc. and Snyder's of Hanover Inc. announced they have signed a definitive agreement to combine in a stock-for-stock merger of equals that will create a combined company to be called Snyder's-Lance Inc. The combined company will have the operating scale and balance sheet strength to provide even more value to consumers, customers and shareholders.

In addition to both company??s iconic brands, Snyder's-Lance will have a national distribution footprint including one of the largest direct store delivery (DSD) networks in the United States.

"This transaction allows us to create a stronger company in a highly competitive industry and simultaneously create value for our shareholders. Snyder's-Lance will have a broad array of leading snack food products supported by a strong national DSD system," said David V. Singer, president and CEO of Lance.

"We are extremely pleased with the opportunity to combine two leading snack food companies in such a strategically compelling merger. Combining our strengths in salty, cracker and cookie snacks creates the opportunity to be a focused specialty company with the scale to compete in high volume categories," said Carl E. Lee, Jr., president and CEO of Snyder's.

The combined company will have a well-established portfolio of snack food brands that includes Snyder's of Hanover, Lance, Cape Cod, Grande, Tom's, Jays, O-Ke-Doke, Stella D'oro, Krunchers!, Archway and Naturals as well as Lance Private Brands.