NECCO co., sold, shuts its factory

Naomi Szeben
July 27, 2018
By
NECCO co., sold, shuts its factory
Image courtesy of NECCO.com
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.

Add comment


Security code
Refresh

Subscription Centre

 
New Subscription
 
Already a Subscriber
 
Customer Service
 
View Digital Magazine Renew

Most Popular

We are using cookies to give you the best experience on our website. By continuing to use the site, you agree to the use of cookies. To find out more, read our Privacy Policy.