UIS, Inc. to Explore Sale of New England Confectionery Company (NECCO).JERSEY CITY, N.J. -- UIS (graphics, programming) UIS - A VMS graphics programming interface package for VAXstations. , Inc. announced today that it will explore the potential sale of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. New England Confectionery Company (NECCO NECCO New England Confectionery Company ) as part of an ongoing strategic reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. . Founded in 1847 and headquartered in Revere, Mass., NECCO is the oldest multi-line confectioner in the United States with leading brands in a variety of segments in the domestic confectionery market. The Company's 15 expansive brand families feature over 750 various confectionery products. These well-recognized and highly regarded brand families include NECCO Wafers[R], Sweethearts[R], Mary Jane[R], Haviland[R], Mighty Malts[R] Malted Milk Balls, Candy House[R], Skybar[R] and Clark[R]. "We believe that NECCO's growth and profit potential, as well as its established product portfolio and modern manufacturing base, represent an attractive platform for expansion in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. confectionery market," said Andrew Pietrini, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of UIS, Inc. With 2005 sales of approximately US$80 million, NECCO operates plants in Revere, Mass., and Pewaukee, Wis. The 818,000-square-foot Revere facility is state-of-the-art, with modern equipment and production capabilities, offering significant operating capacity and efficiency through increased automation, scale and production-line flexibility. NECCO employs approximately 600 people. UIS, Inc. has retained JPMorgan to act as financial advisor in connection with the sale. |
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