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UIS Inc. is considering the potential sale of its wholly owned subsidiary New England Confectionery Co. (NECCO) as part of an ongoing strategic reorganization plan.
Founded in 1847 and headquartered in Revere, Mass., NECCO is the oldest multi-line confectioner in the United States with leading brands in a variety of segments in the domestic confectionery market. The company’s 15 expansive brand families feature over 750 various confectionery products, including brands such as NECCO Wafers, Sweethearts, Mary Jane, Haviland, Mighty Malts Malted Milk Balls, Candy House, Skybar and Clark.
“We believe that NECCO’s growth and profit potential, as well as its established product portfolio and modern manufacturing base, represent an attractive platform for expansion in the North American confectionery market,” said Andrew Pietrini, chairman, president and CEO of UIS, Inc.
With 2005 sales of approximately $80 million, NECCO operates plants in Revere, Mass., and Pewaukee, Wis. NECCO employs approximately 600 people.
UIS, Inc. has retained JPMorgan to act as financial advisor in connection with the sale.