Wyndham Foods to Be Sold to Taiwan Firm
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SAN FRANCISCO — Wyndham Foods Inc., the nation’s third-largest cookie maker, announced Tuesday the signing of a letter of intent for its sale to a Taiwan company for $335 million.
The buyer of Wyndham and its subsidiary Wyndham Baking Co. of Augusta, Ga., would be President Enterprises Corp., Taiwan’s largest integrated food company. President’s annual sales are about $1.1 billion.
Wyndham was formed in 1985 by Ian R. Wilson and a group of investors and was expanded through leveraged acquisition of eight regional cookie companies.
The announcement said senior management of Wyndham Baking will remain with the company after the acquisition, and Wilson, currently chairman and chief executive of Wyndham Foods, will remain as a consultant for one year.
The transaction was expected to close in June. President said it will fund the purchase from internal sources.
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