Utz Quality Foods, a family-owned snack food company based in Hanover, Pa., plans to acquire Golden Enterprises of Birmingham, Ala., for $135 million,
the
Philadelphia Business Journal
reported.
Golden Enterprises, which makes Golden Flake potato chips and other snack products, is the 14th largest public company in Alabama, the article said. Golden Flake will operate as a separate subsidiary under its current management team, according to the report.
The acquisition will enable Utz, founded in 1921, to increase its presence in the Southeast, the article said.
Utz has recently acquired other snack companies, as well, including Zapp's in 2011, Good Health in 2013, and Condor Snack Co. and Keystone Pretzel Bakery in 2015, the journal report said.
The Utz-only brand generated more than $513 million in revenue for 2015, the article said. The company's annual revenue has grown about 225% over the past 16 years, the article said.
Golden's 700 employees in Alabama and Florida will join Utz's 2,700 workers, the journal article said. (Source:
Philadelphia Business Journal
, July 20, 2016.)
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