Bimbo, which has an Elkhart plant, buys a piece of Hostess
Posted: 03/20/2013 at 4:20 pm
By: Truth Staff
It didnít get a snack cake brand like Twinkies, Zingers or Ho Hos. Rather, it gobbled up Hostessí Beefsteak brand, which, according to Bloomberg News, makes rye bread.
According to a statement from Hostess Brands, Bimbo agreed to pay $31.9 million for the Beefsteak business. Apollo Global Management and Metropoulos & Co. agreed to pay $410 million for the Twinkies, Ho Hos, Ding Dongs and other brands, as well as five bakeries and equipment.
According to Reuters, a U.S. bankruptcy court on Tuesday approved the varied Hostess sales. Hostess went into bankruptcy late last year after efforts to resolve a strike failed.
Bimbo has a bread-making operation in Elkhart, though itís not clear the Beefsteak purchase will have any impact here. Company reps declined comment on the Hostess deal.