Report: Hershey To Acquire 'Gourmet' Jerky Maker
Hershey Co (NYSE: HSY) was unchanged Tuesday on a report it will acquire California jerky maker Krave for between $200 million and $300 million.
Citing unnamed sources, Reuters said the deal is aimed at expanding Hershey's products beyond candy into portable snacks.
Krave makes premium turkey pork and beef jerky and had 2014 sales of $36 million, according to Forbes
Krave has obtained $11 million in financing over the past three years from Alliance Consumer Growth, a private equity firm, Forbes said in a profile of Krave's 44-year-old founder Jon Sebastiani.
Hershey is expected to post fourth-quarter results before the bell Thursday, earnings of $.07 a share on sales of $2.07 billion. That's up from year-earlier earnings of $0.86 a share on sales of $1.96 billion.
Hershey traded recently at $108.75, down $0.58.
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