The New England Confectionery Co. (NECCO) has said that it is no longer exploring “strategic options” for the business.
In November last year, the investment firm Sawaya Segalas & Co started a process to assess ownership options for the US group’s majority owner, American Capital.
However, management yesterday (8 March) insisted that “continuing to operate NECCO represents the optimal strategy for American Capital… to maximise the return on its investment”.
“The opportunity for NECCO at this juncture is quite strong; we have made critical improvements to our business, the Original NECCO Wafer is being re-launched later this month due to popular demand, and we are developing a robust pipeline of new products to engage lovers of our candy,” Dave Smith, NECCO’s CEO, said.
NECCO said that it will continue to drive operational enhancements, including efficiencies in shipping practises, broadening of distribution channels, strengthening of its partner relationships and refinements to production.