Spangler Candy Co. Sells Necco for $18.81 Billion

The despondent denouement of New England Confectionery Co., the oldest candy maker in the United States, was announced on Wednesday. Spangler Candy Co., Necco’s owner, managed to sell the company for $18.86 billion during a Boston federal bankruptcy auction.

Necco Wafers Carried by Union Soldiers and American GIs During WWII

Harry Murphy, Necco’s bankruptcy trustee, declared on Wednesday that the company managed to obtain a clean slate after it sold in court part of the operation.

As Murphy pointed out, those attending the Boston auction on Wednesday were more interest in candy dots, wafer tubes, and phrases coined by Necco such as “BE MINE.”

Necco’s Wednesday foreclosure is the unfortunate conclusion of maintaining a conservative mentality in the face of competition. Many financial analysts argue that the company’s downfall was due to its inability to wrestle with multinational corporations.

Whatever the case may be, Necco, as we come to know it is no more. However, a Necco spokesperson declared that the company would continue to operate out of its Revere headquarters. Unfortunately, it’s unclear when operations will resume or if the company will continue producing iconic sweet such as Mary Jane chews, Clark Bar or the Sky Bar.

The Spangler Candy-owned company’s financial situation started to become clear at the beginning of May after it filed a Chapter 11 bankruptcy protection. Things would take for the worst, as on the 16th of May, Necco would receive a note from the FDA about rat excrements at its Revere main plant.

Conclusion

US’s fascination with Necco’s confectionary is that strange, considering that the company, founded in 1847 by a UK immigrant, supplied sweets to Union soldiers and to American GIs fighting in Europe during the Second World War.

Following the court agreement, the company will continue to operate. However, no one knows for sure when Necco sweets will become available.

Image source: Flickr

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