The Hershey Company has agreed to acquire Dot’s Pretzels and Pretzels Inc. in two separate deals worth around $1.2 billion.
Based in North Dakota, Dot’s is the owner of Dot’s Homestyle Pretzels. By adding the company to its salty snacks portfolio, Hershey is aiming to reach consumers in new occasions.
Meanwhile, Pretzels is a co-manufacturer of pretzels for Dot’s and other customers, and operates three production sites in Indiana and Kansas.
Hershey says that the acquisition of Pretzels from an affiliate of Peak Rock Capital, will give it “deep pretzel category and product expertise”.
Complementing the four pretzel seasoning facilities to be acquired with Dot’s, Pretzels’ production sites are expected to provide Hershey with the manufacturing capabilities to support the growth of Dot’s and pretzel innovation.
“As the fastest growing US pretzel brand, Dot’s Pretzels would further accelerate our success in the permissible salty snack category, along with our successful SkinnyPop and Pirate’s Booty brands,” said Michele Buck, The Hershey Company president and CEO.
“With a unique range of bold, distinctive seasonings and a flavourful crunch that creates a premium pretzel experience for consumers, Dot’s Pretzels stands apart from all other products in the pretzel category and represents 55% of the pretzel category’s growth during the past year.”
Buck continued: “Pretzels Inc. will help us expand Hershey’s snacking and production capabilities while keeping the special connection to Dot’s. It will be important as we continue to grow this already fast-growing brand and create new products in the broader pretzel category.”
The acquisitions are subject to customary regulatory approvals and are expected to close by the end of the year.
By Antonia Garrett Peel
Source: foodbev.com
The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.
US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.
Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.
