Hershey, the US confectionery firm, is taking its first significant step beyond the chocolate category with the acquisition of snack food firm Amplify Snack Brands for $921 million.
The deal “strengthens Hershey’s position in the snacking aisle and broadens its portfolio of innovative savory snacking brands”, the company said in a statement.
The Amplify Snack Brands portfolio includes SkinnyPop popcorn, Paqui tortilla crisps, Oatmega protein bars and Tyrrells potato crisps.
Commenting on the deal, Hershey president and chief executive officer Michele Buck said: “The acquisition of Amplify and its product portfolio is an important step in our journey to becoming an innovative snacking powerhouse as together it will enable us to bring scale and category management capabilities to a key sub-segment of the warehouse snack aisle. Hershey’s snack mix and meat snacks products, combined with Amplify’s Skinny Pop, Tyrrells, Oatmega, Paqui and other international brands, will allow us to capture more consumer snacking occasions by creating a broader portfolio of brands”.
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