After purchasing the US’ oldest candy company for $17.3 million in May 2018, Round Hill Investments LLC suddenly shut down its Necco plant in Revere, Mass., The Boston Globe reported on July 26.
“We are disappointed that Round Hill could not follow through on the enthusiasm it expressed when it acquired Necco barely two months ago,” said Revere Mayor Brian Arrigo in a statement. Approximately 230 employees lost their jobs due to the sudden closure.
Round Hill is owned by billionaire C. Dean Metrpolous and has investments in companies such as Aunt Jemima, Chef Boyardee, Ghirardelli Chocolates and Utz. The company bought Hostess Brands in 2013, saving the iconic Twinkies brand.
In a statement, the Metropoulos family revealed they sold the candy maker to an unidentified buyer. “The firm decided to sell the brands to another national confection manufacturer and today announced the closure of the operations in Revere, Mass.,” the company said in a statement.