NEW YORK (AP) — Bread maker Flowers Foods Inc. said Wednesday it completed its $34.4 million acquisition of Tasty Baking Co. that was announced in April.
Flowers, based in Thomasville, Ga., paid $4 per share for Tasty Baking's 8.6 million shares. Including assumed debt and expenses, the deal is worth $175 million.
Philadelphia-based Tasty, whose line of packaged sweets includes Kandy Kakes and Krimpets, will become part of Flowers' direct-store-delivery business. Founded in 1914, Tasty Baking employs about 740 people in the Philadelphia region.
Flowers Foods, whose brands include Nature's Own and Bunny breads, has about 8,800 employees at its 39 bakeries.
Tasty Baking stock stopped trading on the Nasdaq when the market closed Tuesday.
Flowers Foods shares fell 3 cents to $32.45 in afternoon trading.