Twinkies' New Owners Want Snacks Back on Shelves by Summer
Summer may not come soon enough for Twinkies lovers who long to see their favorite snack on shelves again.
A Manhattan bankruptcy judge today approved the sale of the iconic, cream-filled snack to two investment firms, Apollo Global Management and Metropoulos & Co., for $410 million.
The two firms will control a portfolio of Hostess Brands Inc. snacks that includes Ding Dongs, Ho Hos, and Donnettes.
Metropoulous, which also owns Pabst Brewing Company, said it hopes to have the spongy, yellow cakes back in stores soon.
"Our family is thrilled to have the opportunity to reestablish these iconic brands with new creative marketing ideas and renewed sales efforts and investment. We look forward to having America's favorite snacks back on the shelf by this summer. We are also ecstatic to bring jobs back to many cities across the country," Dean Metropolous said in a statement
The Bakery, Confectionary, Tobacco Workers and Grain Millers (BCTGM) International Union president David B. Durkee said he hoped new ownership would make good on their promise to consumers and also bring back factory jobs lost in wake of Hostess' shuttering in November.
"We share the enthusiasm, energy and passions exhibited by new ownership, and believe our highly-motivated and skilled workforce will serve as indispensable partners in the seamless re-opening of factories," he said in a statement.
The judge also approved the sale of most of Hostess' bread business, including Wonder, to Flowers Foods Inc., for $360 million.