Photo By: The JM Smucker Co.
Classic US snack maker Hostess Brands is being bought by rival food giant JM Smucker in a $5.6 billion deal.
Smucker’s chief executive Mark Smucker said in a statement, that with this acquisition, they’re adding an iconic sweet snacking platform to drive continued growth.
Shares in the firm known for brands including Twinkies, Donettes and Ho Hos jumped on the news.
Smucker is famous for its fruit preserves and Jif peanut butter.
Some of America’s biggest food brands – including PepsiCo, Oreo maker Mondelez International and Cheerios maker General Mills – were also reportedly interested in buying Hostess.
Smucker said it expects the deal to be completed in the third quarter of its current financial year.
