ConAgra to Acquire Lincoln Snacks
ConAgra to Acquire Lincoln Snacks
ConAgra to Acquire Lincoln
ConAgra Foods Inc., the maker of Crunch 'n Munch, has agreed to buy the maker of the competing candy-coated popcorn snack Fiddle Faddle.
ConAgra said Thursday that it will buy privately held Lincoln Snacks, which makes Fiddle Faddle, Poppycock and an assortment of private label products. Terms of the deal were not released.
Lincoln Snacks, which has been owned by Chicago-based Ubiquity Brands since 2004, generates about $45 million in annual sales and employs 114 people in
ConAgra Chief Executive Gary Rodkin said the acquisition of Lincoln Snacks will help the company meet consumer demand for snacks.
"We plan to grow Poppycock and Fiddle Faddle through our marketing expertise and operating infrastructure, and we're pleased to welcome the brands into the ConAgra Foods portfolio," Rodkin said.
ConAgra already sells a number of snack food brands, including Slim Jim, David sunflower seeds, and Orville Redenbacher popcorn.
Over the past 18 months ConAgra has sold off a number of well-known but less profitable brands such as Butterball, Cook's, Louis Kemp, Armour, Decker, Ready Crisp and Margherita.
The Omaha-based company's three-year restructuring plan is designed to cut costs and shift the company's focus to the brands company officials believe have the most potential, such as Healthy Choice, Chef Boyardee and Egg Beaters.
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