Hershey Co. is upping its investment in snacks with the purchase of Pirate Brands for $420 million.
The transaction is expected to close in the fourth quarter of 2018, the company said, subject to regulatory approvals and other closing conditions. Pirate Brands’ snacks include the Pirate’s Booty, Smart Puffs and Original Tings.
“Pirate’s Booty is a leading cheese puffs brand loved by moms and kids as a better-for-you treat,” said Mary Beth West, Hershey's chief growth officer, in a statement. “We expect the full Pirate Brands portfolio to be a great fit for Hershey’s growing Amplify business which is targeted toward consumers who are looking for great-tasting snacks without compromise.”
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Hershey CEO Michele Buck has said it's her goal to turn Hershey into an "innovative snacking powerhouse," Food Dive reports.
Find out more about the purchase of Pirate Brands at the Philadelphia Business Journal.
For more business news, check out pbj.com.