Italy: Ferrero acquires Fannie May
Italian confectionery giant Ferrero has announced the acquisition of US chocolate brand manufacturer Fannie May for $115 million in cash.
Fannie May’s products, which include brands like Fannie May and Harry London, are mainly distributed through the e-commerce site 1-800 Flowers.com.
“Fannie May represents a strong strategic and cultural fit for Ferrero and we are happy that Fannie May’s talented people, premium brand and quality products will become part of the Ferrero Group", said Ferrero chief executive Giovanni Ferrero. "The US is an important growth market for Ferrero and we are excited about the opportunity to support and grow a great American brand as we continue to expand our presence in the US".
According to sources, Fannie May will continue to operate as stand-alone entity and brand within the Ferrero Group and will also retain the Fannie May factory in Ohio, as well as distribution centres in Ohio and Illinois.
The transaction is subject to regulatory approval and is expected to close by the end of May.
Source: Rai News / FoodBev