US: Flowers Foods completes Holsum deal
Flowers Foods has completed its merger with Holsum Bakery of Phoenix, which will operate as a subsidiary of the Georgia company under its current name and management.
Established in 1881, Holsum Bakery operates profitably on annual sales US$146m from its two bakeries in the Phoenix area, an announcement said. The company sells Holsum, Aunt Hattie's and Roman Meal products through independent distributors that serve customers in Arizona, New Mexico, southern Nevada and Southern California.
Flowers Foods has annual sales of $2.02bn. With the Holsum acquisition, Flowers will now operate 39 bakeries.
Flowers announced the deal in a cash-and-stock deal. Financial details of the deal were undisclosed.
This is Flowers' second deal to be closed in August this year, following Flowers Foods' completed acquisition of ButterKrust Bakery in Lakeland, Florida.
The deal, which was announced in June, saw Flowers purchase all issued and outstanding stock of the holding company of ButterKrust in a cash transaction.
US baker Flowers Foods today (5 February) improved its forecast for sales growth and earnings in 2009 after posting improved results for 2008....
Dole Food Co. has today (30 January) completed the sale of its flowers business and certain Latin American banana properties....
Flowers Foods boss George Deese has insisted the US baker remains "strong" despite the economic downturn as the company reaffirmed its sales and earnings forecasts for 2008 and 2009....
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