The auction to sell bankrupt US candy business Necco has been won by Ohio-based peer Spangler Candy Co.
It is to pay US$18.8m for Necco (the New England Confectionery Co.) after submitting the winning bid at the bankruptcy auction in Boston on Wednesday (23 May).
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The maker of Dum Dums lollipops and Circus peanuts was competing with Round Hill Investments, Boston-based liquidator Gordon Brothers and Kgbdeals Shopping in the bid to acquire Necco’s assets.
Necco, founded in 1847, is best known for its Necco Wafers but produces a wide range of confectionery products including Clark Bars, Skybar, Mighty Malts and Sweethearts.
Reports in the US media suggest Necco will continue to be run out of its long-time headquarters in Revere, just north of Boston, at least until the autumn.
In March Necco announced it would close its plant and lay off hundreds of workers if it couldn’t find a buyer and last month filed Chapter 11 bankruptcy protection, saying it owed creditors millions.
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By GlobalDataThe deadline for offers was 18 May and they had to be worth at least $13.96m.
