Last month, it was announced that the Wm. Wrigley, Jr. Co. was to be sold to Mars Inc. for $23 billion and this leaves just one Tootsie Roll Industries Inc, as the last of a dying breed: the Chicago-based confectionary icon, at one time numbering in the hundreds.
But with upper management aging in at 88 for Chief executive Melvin Gordon, and 76 for President Ellen Gordon, it's probably just a matter of time.
Chicago used to be the corporate home of Fannie Mae, Brach's, Leaf Candy (maker of Jolly Rancher,Whoppers, and Milk Duds), the Curtiss Candy Co. (creators of Baby Ruth, Butterfinger) and even Mars was here at one time. In 2005, Wrigley bought Altoids and Life Savers from Kraft.
TOOTSIE ROLL
Was born 112 years ago in New York when an Australian immigrant started hand-rolling and hand-wrapping chocolate candies. His company went public in the 1920s and Ellen Gordon's father got a big part of it during the Depression.
The company moved to Chicago in 1968 to be closer to its main ingredient suppliers
Tootsie Roll has had a long history of buying out other brands, though. In 1984, it bought Cella's Confections which made chocolate-covered cherries. In 1993,Junior Mints, Charleston Chew were added. In 2000, Andes Candies, makers of dinner mints was purchased and four years ago Dubble Bubble.
Tootsie Roll builds up cash and every few years, makes an acquisition.
From May 4th Chicago Tribune "Tootsie Rolls Along" by Mike Hughlett.
And, That's the Long and Sweet of It. --Cooter
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