The New England
Confectionery Company (NECCO) won’t be makingSweetheartswith the words
“For Sale” imprinted on them anytime soon.
The owners of the
Revere, Mass.-based company announced this week in a media release that “the
process to explore strategic options has been suspended.” The exploratory
process began in November 2010, and was led by Sawaya Segalas & Co. LlC, a
New York City-based consumer product-focused investment banking firm.
Dave Smith, NECCO’s
coo, says the decision was based on the fact that the opportunities for the
company are quite strong, and that critical improvements have been made to the
business.
For example, the
company continues to make operational enhancements, including efficiencies in
shipping practices, broadening of distribution channels, strengthening of its
partner relationships, and refining of production processes.
Also, the Original
NECCO Wafer is being re-launched later in March, and the company is developing
a robust pipeline of new products.
In the media
release, the company says management has confidence that recent improvements in
the business, combined with continued support from its partners and local
officials, will greatly improve NECCO’s growth trajectory.
“Our employees take
enormous pride in what we do here at NECCO,” Smith says. ‘We are honored to
have the continued support of our investors, partners, local officials, and of
course, those who enjoy our candy.”
NECCO - which
manufactures and distributes brands such asSweethearts Conversation Hearts,NECCO Wafers,Clark Bar,HavilandandMary Jane-
is the oldest multi-line candy company in the U.S.
For more
information, visitwww.necco.com
-C.L.
NECCO no longer for sale
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