Tootsie Roll Buys Concord
Tootsie Roll Industries Inc., a manufacturer and distributor of candies for more than 100 years, will acquire all the assets and the three manufacturing facilities of Concord Confections Inc., a Canadian company known as the first producer of bubble gum, for US$197 million in cash and US$20 million in debt under the terms of the agreement.
Tootsie Roll Industries Inc. will finance the cash payment with short-term debt. Concord Confections Inc. operates facilities in Concord, Ontario, and a joint venture facility located in Barcelona, Spain. It has distribution points in over 60 countries.