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Utz Brands contributes $6 million to 401(k) profit-sharing plan
Ioannis Pashakis//March 25, 2021
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Citing a successful 2020, Hanover-based Utz Brands, Inc. announced it contributed nearly $6 million to its 401(k) profit-sharing plan this year.
Utz has offered its sharing plan to its associates and their families for more than 40 years with contributions exceeding $75 million since 2000.
In the past eight months, the snack food giant has become a public company and acquired two competing snack foods manufacturers despite the pandemic. The most recent contribution to the plan is the realization of that continued success, the company wrote in its announcement.
“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 Jim 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.”
Utz full-time and part-time associates are eligible for the plan based on tenure. As of Jan. 3, 2021, Utz employed 3,083 full-time employees and 266 part-time employees according to its annual report for 2020.
