US: Quaker Maid acquires chief competitor Steak-umm
US frozen sandwich steak company Quaker Maid Meats has acquired its closest competitor Steak-umm Company's brand name and associated intellectual property, not including equipment, facilities or receivables, for an undisclosed fee.
Under the agreement, a new sister company called Steak-umm Company LLC will form in late August, with Quaker Maid becoming the sole manufacturer and supplier of Steak-umm.
The current Steak-umm Company will change its name and continue to manufacture its eXpress microwaveable sandwich fillings and Red-L hors d'oeuvres without the Steak-umm brand from its plant in Pomfret, Connecticut. The new company name has not been determined.
"We have made a strategic decision to focus on our prepared foods product lines, and this transaction will allow us to execute that plan," said Greg Murray, president and CEO of Steak-umm Company. "At the same time, it will ensure that supermarkets and consumers will still have access to Steak-umms sandwich steaks and all of the brand equity that we have built up over the years."
Quaker Maid will continue to manufacture its current line of sandwich steaks as well as the Steak-umm brand, to be made at its meat processing facilities in Reading, Pennsylvania.
"We began as a maker of sandwich steaks over 45 years ago, and that is still our core business even though we have branched out into other frozen food products," said Sergei Szortyka, president of Quaker Maid Meats. "This agreement adds another strong brand to our portfolio and advances our commitment to the sandwich steak market."
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