The maker of Nutella this week announced an agreement to acquire chocolate maker Fannie May in an effort to bolster its U.S. operations.
Ferrero International, the Italian confectioner that also makes Ferrero Rocher and Tic Tac, will acquire its U.S. counterpart, including the Fannie May and Harry London brands, from 1-800-Flowers.com. Terms of the agreement were not disclosed.
Fannie May's operations include 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 seasonal hires.
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 the number of retail stores, in the future.
Under a strategic commercial partnership agreement, Ferrero will also include selected Ferrero and Fannie May products in 1-800-Flowers gift baskets.
"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.," said CEO Giovanni Ferrero in a statement.
