Hershey Co has agreed to buy two pretzel makers in separate deals worth about $1.2 billion to beef up its snacking business, the U.S. chocolatier said on Wednesday.
The company logo for Hershey Co. is displayed on a screen on the floor of the New York Stock Exchange in New York, U.S., March 4, 2019. REUTERS/Brendan McDermidhas agreed to buy two pretzel makers in separate deals worth about $1.2 billion to beef up its snacking business, the U.S. chocolatier said on Wednesday.
Dot's accounted for 55% of the pretzel category's growth in the United States during the past year, it added. " two areas where we are underdeveloped, and we have an opportunity to capture incremental snacking occasions," Hershey Chief Executive Officer Michele Buck said at a conference earlier this year.
Dot's Pretzels was created more than a decade ago in North Dakota by founder Dot Henke in her home kitchen, while private investment firm Peak Rock Capital owns the four-decade old Pretzels Inc.
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