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Ferrero buys U.S. confectioner Fannie May for $115 million

Staff Writer |
Nutella maker Ferrero has signed a deal to buy U.S. confectioner Fannie May from online retailer 1-800-FLOWERS.COM for $115 million, they said in a joint statement.

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Fannie May, founded in Chicago in 1920, makes chocolate bars, praline and chocolate snacks that are sold mainly through 1-800-FLOWERS.COM.

"The United States represents an important market with a high growth potential for Ferrero and we are excited to support the development of a great American brand," Ferrero Chief Executive Giovanni Ferrero said in a statement on Thursday.

The United States is the fifth-biggest market for the Italian group, whose total revenue was 10 billion euros ($10.7 billion) in the financial year ended in August.

As part of the deal, Ferrero said it would sign a commercial partnership with 1-800-FLOWERS.COM to offer some of its and Fannie May's products on the online platform.

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