Lindt close to deal to buy Russell Stover -source
July 13 (Reuters) - Swiss chocolate maker Chocoladefabriken Lindt & Spruengli is in advanced discussions to acquire family-owned U.S. candy business Russell Stover, according to a source familiar with the matter.
Russell Stover, known for its boxed chocolates, is the third-largest U.S. candy company by sales. Lindt is the maker of Lindor chocolate balls and gold foil-wrapped chocolate bunnies. Lindt said in March that its North American sales should top $1 billion this year.
The Ward family put privately held Russell Stover up for sale earlier this year and has been working with Goldman Sachs to find a buyer.
People familiar with the matter told Reuters previously that Russell Stover could be valued at around $1 billion.
Representatives for Russell Stover and Lindt did not immediately respond to a request for comment late Sunday.
Lindt is expected to announce its sales figures for the first half of the year on Tuesday.
Russell Stover also produces Whitman's brand chocolates and has its products in more than 70,000 drug stores, card and gift shops, grocery stores, department stores and retail stores throughout the United States and in more than 20 countries worldwide.
- Sierra Leone's chief Ebola doctor contracts the virus
- Exclusive: Ukraine rebel commander acknowledges fighters had BUK missile
- Gaza bloodshed deepens as airlines shun Israel |
- TransAsia Airways plane crashes in typhoon-hit Taiwan, killing 47 |
- South Korea ferry fugitive hid behind cabin wall, bags of cash at hand