Hillshire Brands Buys Gourmet Jerky Company

   

Hillshire Brands Buys Gourmet Jerky Company

merger homepage e1305561899476 Hillshire Brands Buys Gourmet Jerky CompanyHillshire Brands (HSH) is entering the dried meat snack market.

The food maker will acquire Golden Island, a producer of jerky, in a deal expected to close by the end of this month. Financial terms of the acquisition were not revealed, the Chicago Tribune noted.

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Golden Island will give Hillshire Brands a beachhead in the dried meat snacks market. Hillshire CEO Sean Connelly noted that consumers purchase about $2 billion worth of dried meats every year. The category has seen sales growth of 10% a year over the last two years.

The purchase of Golden Island would not materially affect Hillshires earnings this year, the company said.

Hillshire will integrate Golden Island into the unit managed by Sally Grimes, who will become president of the Hillshire Brands Gourmet Group.

Last year, Sara Lee spun off its European businesses and changed its name to Hillshire Brands.

Shares of Hillshire Brands rose slightly in Tuesday morning trading.


Article printed from InvestorPlace Media, http://investorplace.com/2013/09/hillshire-brands-buys-gourmet-jerky-company/.

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