Campbell Soup Will Be The New Owner Of Cape Cod Potato Chips

BARNSTABLE (CBS/AP) – One of the Bay State's signature snack foods is getting a new owner.

Campbell Soup will spend $4.87 billion in cash to acquire Snyder's-Lance, gorging on a snack market that has grown increasingly competitive.

Snyder's-Lance, based in Charlotte, North Carolina, makes pretzels and chips. Its most well-known brands include Snyder's of Hanover, Kettle Brand and Pop Secret, as well as Cape Cod Potato Chips.

Earlier this year, Snyder's-Lance announced it would be investing $20 million in Cape Cod Potato Chips' Barnstable Factory. Snyder's-Lance had considered moving production out of Massachusetts but instead decided it would add to the size of its facility and upgrade the tour for visitors.

The Cape Cod Potato Chip factory has been open for tours since 1985.

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)