US food giant Kraft has said that it has agreed to sell three of its sugar confectionery brands to Farley’s & Sathers Candy because the bands do not fit strategically with the rest of Kraft’s portfolio.
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Financial terms of the sale of the unit, which makes the Now and Later, Intense Fruit Chews and Mighty Bite brands, were not disclosed. The three brands created revenue of US$25m in 2001.
Kraft expects the deal to be closed by the end of December.
Farley’s & Sathers used to be part of Kraft before it was sold earlier this year to private equity firm Catterton Partners, reported AP.
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