Chocolate manufacturer Hershey is in talks to acquire beef, turkey and pork jerky snacks producer Krave Jerky, in a deal that is expected to be valued at around $300m.
The move is in line with the company's strategy to expand its products beyond its confectionery brands into portable snacks, Reuters reported.
Founded in 2010, Krave manufactures jerky snacks with various flavors such as basil citrus, lemon garlic, chili lime and sweet chipotle.
Krave's products are distributed to retailers including Target Corp, Vitamin Shoppe and Safeway.
Commenting on the acquisition, Hershey International president Humberto P. Alfonso was quoted by North Bay Business Journal as saying: "This strategic acquisition advances our international growth agenda and builds on our commitment to the China market by providing world-class, quality products to Chinese consumers."
As reported in the North Bay Business Journal, Krave Jerky produces its products in five production facilities in the United States.
Krave will also open a new plant in Kentucky in early 2015.
Earlier in September 2014, Hershey acquired majority stake in Chinese candy maker Shanghai Golden Monkey Food.
Image: Krave Jerky produces beef, turkey and pork jerky snacks. Photo: courtesy of phanlop88 / freedigitalphotos.
