Kraft to Sell Taffy Brands

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Kraft to Sell Taffy Brands

NORTHFIELD, Ill. -- Kraft Foods Inc., the largest North American food company, said it is divesting a taffy business with $25 million in annual sales to Farley & Sathers Candy Co., a wholly owned investment unit of Catterton Partners.

Terms of the transaction were not disclosed, but it is expected to be completed by the end of the year.

The taffy business, based in Brooklyn, New York, includes the Now and Later, Intense Fruit Chews and Mighty Bite taffy brands, Kraft said in a statement. Kraft said the candies do not fit with the rest of its candy portfolio, with include adult-oriented sweets like Altoids mints and Toblerone chocolates.

In February, Kraft sold its Farley's and Sathers confectionary business to FS Partners, which was later renamed the Farley's & Sathers Candy Co. Farley & Sathers makes a wide variety of bagged candies and snacks sold in convenience stores.