Frito-Lay buys Cracker Jack
PLANO, Texas (AP) _ 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 operation in 40 countries. Its brands include Lay’s potato chips, Doritos Tortilla Chips and Cheetos snacks.