Ferrero International, the maker of Nutella and Tic Tacs, announced an agreement last week to acquire confectioner Fannie May in hopes of expanding its business in the U.S.
The Italian confectionary giant will purchase the business from current parent 1-800-Flowers.com. Under a separate agreement, Ferrero will also include selected Ferrero and Fannie May products in 1-800-Flowers gift baskets.
Fannie May will operate as a standalone brand with support from Ferrero's U.S. division "as needed." Ferrero officials indicated that they planned to grow Fannie May's operations, including retail stores, in the future.
Terms of the deal were not disclosed.
"The U.S. is an important growth market for Ferrero and we are excited about the opportunity to support and grow a great American brand as we continue to expand our presence in the U.S.," CEO Giovanni Ferrero said in a statement.
The deal includes the Fannie May and Harry London brands along with its 80 retail locations, a production facility in Ohio and distribution centers in Ohio and Illinois. The company employs about 750 full-time employees and additional hires on a seasonal basis.