X

Twinkies Savior Gets Sweet Deal for Necco Wafers

New England Confectionery Co. sells for $17.3M
By Newser Editors and Wire Services
Posted Jun 1, 2018 3:38 PM CDT
Colored "Sweethearts" candy is held in bulk prior to packaging at the New England Confectionery Company in Revere, Mass.   (AP Photo/Charles Krupa, File)

(Newser) – A company that once rescued the Twinkies brand is now taking over the maker of Necco Wafers, reports the AP. The family business of billionaire Dean Metropoulos announced Friday it paid $17.3 million for the New England Confectionery Co., or Necco. It's a surprise ending to a federal bankruptcy auction that initially left Necco to an Ohio company. Spangler Candy Co. made the highest bid last week, but court records say it refused to close without a price reduction.

Instead, a deal closed Thursday to sell Necco to a Connecticut-based branch of Metropoulos' company, which made the second-highest bid. Metropoulos' firm previously bought Twinkies maker Hostess out of bankruptcy in 2013. The 171-year-old Necco is based near Boston and is known for its Sweethearts candies sold around Valentine's Day. (Not all Twinkies stories end well. Last year, Hostess recalled a holiday-themed version.)


My Take on This Story
Show results  |  
6%
20%
4%
62%
2%
6%