NECCO co., sold, shuts its factory
By Naomi Szeben
Known for its Necco wafers, the New England Confectionery Co. (NECCO) plant in Revere, Massachusetts shut down after its recent buyer, Round Hill Investments, LLC, announced it has sold the company to another candy maker.
Round Hill investments purchased NECCO for $17.3 million in May under an entity called Sweetheart Candy Co., declined to name the new purchasing manufacturer.
Michael McGee announced layoffs in March this year, of nearly 400 employees if the company could not find a buyer. NECCO filed for Chapter 11 bankruptcy two months later. A federal judge opened the bidding process, setting the minimum bid at $13.96 million.
Among financial troubles, NECCO had violated food safety regulations and was issued a warning letter by the U.S. Food and Drug Administration in May 2018.