Tone’s Spices sold in $365 million deal
BUSINESS RECORD STAFF Sep 27, 2016 | 8:31 pm
1 min read time
186 wordsAll Latest News, Economic DevelopmentACH Food Companies Inc., the parent company of Tone’s Spices in Ankeny, has sold its spice business to B&G Foods for $365 million in cash,
The deal is expected to close by the end of the year. ACH Foods’ spices and seasonings business includes the Spice Islands, Tone’s and Durkee brands. It also produces Weber brand sauces and seasonings under a licensing deal.
“This acquisition will significantly broaden our position in the large and growing spices and seasonings category, which we believe is very relevant to today’s consumer, who is looking for healthier options, simple ingredients and enhanced flavor,” said Robert Cantwell, president and CEO of B&G, in a news release.
According to the 2016 Book of Lists, Tone’s employs 400 people at the Ankeny plant. B&G officials could not be reached for comment on whether any jobs will be eliminated locally as a result of the sale.
B&G, which owns the Green Giant brand, predicts that beginning in 2017, the acquired business will boost sales by $220 million to $225 million and increase earnings per share by 26 to 28 cents.
Trending News
