Flowers makes Tasty acquisition
Flowers Foods' move to acquire Tasty Baking Co. builds on its strategy to drive branded sales and expand its geographic reach, a spokesperson for the US baker told just-food today (11 April).
US bakers Flowers Foods and Tasty Baking Co. have reached a definitive merger agreement that will see Flowers take 100% control of the struggling Tastykake maker for approximately US$165m.
Lenders to Tasty Baking Co. have given the under-pressure US baker a reprieve but have insisted the company is either sold or pursues a merger.
The management of Tasty Baking Co. has admitted it is considering selling the US baker as financial pressures linked to commodity costs and its new bakery hit the company.