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Flowers Foods to buy some Hostess Brands for $390 million

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(CNN photo)

(FOX News) — Flowers Foods Inc has agreed to buy Wonder and other well-known bread brands from Hostess Brands Inc for $390 million, as part of the latter company’s bankruptcy reorganization.

The Thomasville, Georgia-based company said it entered one contract to pay $360 million for the Wonder, Butternut, Home Pride, Merita and Nature’s Pride brands, as well as 20 bakeries and 38 depots. It also agreed to pay $30 million for the Beefsteak brand.

Flowers already owns brands such as Cobblestone Mill, Nature’s Own and Tastykake. It said it expects the purchases to add to earnings in 2013, and that it would finance them with cash on hand plus debt.

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