US confectionery firm Hershey Foods has announced that it has entered into an agreement to acquire Mauna Loa Macadamia Nut Corporation from The Shansby Group, a private equity investment firm.
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Hawaii-based Mauna Loa processes and markets macadamia snacks, with annual sales of approximately US$80m and a 40% market share in macadamia nuts.
“Mauna Loa’s portfolio of premium macadamia nuts, nut-based confections and cookies is a great addition to Hershey’s stable of iconic brands,” said Richard H. Lenny, chairman, president and CEO of Hershey Foods.
The acquisition is expected to be completed during the fourth quarter of 2004 and is subject to the customary closing conditions and regulatory approval. It is projected to be slightly accretive in the first 12 months.
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