Snack food leader Frito-Lay Co. is buying the Cracker Jack business from Borden Foods, and hopes to energize sales of the candy-coated popcorn sold with a toy surprise in every box.
No terms of the transaction were disclosed."Cracker Jack is an American icon with universal appeal and tremendous brand equity," Steve Reinemund, chairman and chief executive of Frito-Lay, said today in announcuing the deal.
"Our goal is to reinvigorate the Cracker Jack brand by providing product improvement news, expanding distribution and creating exciting national marketing and advertising programs."
Frito-Lay, the snack foods division of PepsiCo, has operations in 40 countries. Its brands include Lay's Potato Chips, Doritos Tortilla Chips and Cheetos snacks.