COLUMBUS, Ga. -- The management of TOM'S Foods Inc., a snack food manufacturer, announced Tuesday it has reached an agreement to purchase the company from its present owner, Rowntree PLC, for $200 million.
Rowntree, headquartered in York, England, itself received a $3.9 billion, or $16.18 a share, takeover offer from Swiss chocolate gaint Nestle S.A. Tuesday.
Rowntree has agreed to complete the deal within 60 days, said G. Michael Dillon, TOM'S President and chief executive officer.
TOM'S, which had sales of $247 million in 1987, was purchased by Rowntree in 1983 from General Mills Inc., which bought the company from a Columbus group in 1966.
'We are tremendously excited about this announcement,' Dillon said. 'TOM'S has always been a company deeply involved with its people and this move will make those ties even stronger.
'We're proud to be bringing the TOM'S family together again,' he said.
TOM'S has been headquartered in Columbus since its founding in 1925. The company manufactures a broad line of snack foods, including chips, baked goods, candy and peanut products.
It has nine plants in Georgia, Florida, Tennessee, Virginia, Texas and California, and employs about 2,500 people.