HANOVER, PA. — Full-time and part-time employees at Utz Brands, Inc. are set to share in an approximately $6 million profit-sharing contribution following “the realization of continued retail success.”
The Hanover-based maker of savory snacks started its Utz 401(k) Profit Sharing Plan over 40 years ago. Since 2000, the company’s 401(k) profit sharing contributions for associates has exceeded $75 million dollars.
“Although the COVID-19 pandemic created tremendous hardships in 2020, due to the extraordinary efforts of our Utz associates, we were able to exceed our expectations, while fulfilling our duty as an essential business,” said James Sponaugle, senior vice president of human resources at Utz Brands. “In addition, this resilient team integrated several snack food acquisitions and helped to launch our company on the public stage, now trading on the New York Stock Exchange under the ticker symbol UTZ. In that spirit of can-do and as we begin to celebrate our 100-year anniversary, we’re extremely proud to continue the tradition of sharing the company’s success with associates.”
Since August, the company has made three acquisitions in H.K. Anderson, On the Border tortilla chips, and Vintners.
For the quarter ended Jan. 3, Utz Brands, Inc. recorded a loss of $7.97 million, which was an improvement over the pro forma results from the year prior when the company incurred a loss of $24.7 million.
Quarterly sales were $246 million, up from $202 million for the fourth quarter of 2019.
Pro forma sales in 2020 were $964 million, an increase over 2019 when the company had sales of $768 million.