The Hershey Co. said Thursday that it is acquiring Canadian confectionary company Brookside Foods Ltd. for an undisclosed sum.
Brookside, based in British Columbia, is a privately held company that makes chocolate-covered fruits and nuts. The company holds patents that enable it to make the centers of these distinctive products from real fruit juice, according to Hershey. Its products are sold primarily in the U.S. and Canada and it generates annual revenue of approximately $85 million Canadian dollars ($83.2 million).
The Brookside product line is primarily sold in the U.S. and Canada in a take home re-sealable pack type. Its products are made at facilities in British Columbia and Quebec.
Hershey, which is the nation's largest chocolate maker with products such as Reese's Peanut Butter Cups and York Peppermint Patties, said the acquisition is an opportunity to expand its portfolio.
The deal still requires Brookside shareholder and regulatory approval.
Shares of Hershey, which is based in Hershey, Pa., rose 49 cents to close at 58.69 and slipped 19 cents in after-hours trading.