Hershey Foods Corp. has agreed to acquire Mauna Loa Macadamia Nut Corp.
Mauna Loa is a processor and marketer of macadamia snacks—including nut-based confections and cookies—with annual sales of about $80 million and a 40% share in macadamia nuts, Hershey said.
The deal strengthens Hershey’s presence in the broader snack market. Terms were not disclosed. Mauna Loa, based in Hilo, Hawaii, is owned by private equity firm The Shansby Group.
“We’re excited about the opportunity to unlock Mauna Loa’s immense growth potential as we leverage Hershey’s expertise in product innovation, nut processing, logistics and selling,” said Richard H. Lenny, president and CEO of Hershey, in a statement.
The acquisition is expected to be completed in the fourth quarter 2004.
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