Flowers Foods will buy some Hostess brands
It looks like one packaged foods producer has come to the rescue of some of Hostess beloved brands, but dont expect to see Twinkies among them.
January 14, 2013 at 06:41 AM
3 minute read
The original version of this story was published on Law.com
Flowers Foods announced late last week that is would pay $390 million to purchase several popular Hostess brands, including Wonder, Butternut, Home Pride, Merita and Nature's Pride. The company will also acquire 20 bakeries and 38 depots from Hostess. Hostess CEO Gregory Rayburn is still in talks to sell its Twinkies and Drake's cakes brands with other potential buyers.
Flowers—which currently owns Cobblestone Mill, Nature's Own and Tastykake brands—said it expects the acquisition to add to its earnings this year. The company beat out one other bidder for the Hostess brands—Grupo Bimbo SAB de CV. Mexico-based Grupo owns U.S. brands such as Entenmann's, Sara Lee and Thomas'.
In November, Hostess filed Chapter 11 bankruptcy protection and later that month received court permission to liquidate.
Read more about Flowers purchase of some Hostess brands on Thomson Reuters.
And continue to follow Hostess's downward spiral on InsideCounsel:
Flowers Foods announced late last week that is would pay $390 million to purchase several popular Hostess brands, including Wonder, Butternut, Home Pride, Merita and Nature's Pride. The company will also acquire 20 bakeries and 38 depots from Hostess. Hostess CEO Gregory Rayburn is still in talks to sell its Twinkies and Drake's cakes brands with other potential buyers.
Flowers—which currently owns Cobblestone Mill, Nature's Own and Tastykake brands—said it expects the acquisition to add to its earnings this year. The company beat out one other bidder for the Hostess brands—Grupo Bimbo SAB de CV. Mexico-based Grupo owns U.S. brands such as Entenmann's, Sara Lee and Thomas'.
In November, Hostess filed Chapter 11 bankruptcy protection and later that month received court permission to liquidate.
Read more about Flowers purchase of some Hostess brands on Thomson Reuters.
And continue to follow Hostess's downward spiral on InsideCounsel:
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