(SALES: expected $2 million; SALE PRICE: around $2-$4 million ???)
J & J Snack Foods Acquires WHOLE FRUIT Sorbet and FRUIT-A-FREEZE Frozen Fruit Bar...
Mon Apr 2, 2007 3:00 PM ET
PENNSAUKEN, N.J.--(Business Wire)--J & J Snack Foods Corp. (NASDAQ:JJSF) announced today that it has
acquired the WHOLE FRUIT Sorbet and FRUIT-A-FREEZE Frozen Fruit Bar
brands, along with related assets including a manufacturing facility
located in Norwalk, CA, from a subsidiary of CoolBrands International,
Inc. (Toronto: COB.A-TO). J & J Snack Foods Corp. owns and
manufactures LUIGI'S Real Italian Ice, the #1 selling Italian ice in
the world and licenses the MINUTE MAID brand name for various frozen
novelty products.
The acquired brands had been experiencing declining sales for
several years with sales of approximately $10 million in 2006. The
Company said that it expects sales to be less than $2 million in its
fiscal year ending September 2007, but is hopeful of rebuilding the
brands and business going forward. The products will be sold through
its food service and retail supermarket business segments.
FRUIT-A-FREEZE is a super premium fruit bar featuring chunks of fruit.
WHOLE FRUIT sorbet is sold mainly in pints and is known for its
wholesome, healthy and upscale fruit flavors.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented, "These two premium brands add to our expanding portfolio of
frozen novelty products. Our goal is to improve upon their recent
performance in the retail supermarket segment as well as to expand
their presence in the food service market. In addition, the
manufacturing facility gives us a west coast plant for manufacturing
frozen novelty products that is expandable in the future which would
benefit logistics over the long term."
AI
