page_title: Necco
section_title: 2000s
hierarchical_section_title: Necco / History / 2000s
caption_attribution_description: English: Necco Banana Split candies.
context_page_description: Necco was an American manufacturer of candy created in 1901 as the New England Confectionery Company through the merger of several small confectionery companies located in the Greater Boston area, with ancestral companies dating back to the 1840s.
  In May 2018, Necco was sold for $17.33 million to Round Hill Investments LLC, run by billionaire C. Dean Metropoulos; Round Hill Investments subsequently re-sold the company in July 2018 to Spangler Candy Company.
  The company was best known for its namesake candy, Necco Wafers dating back to 1847. Other prominent products have included its seasonal Sweethearts Conversation Hearts, and brands such as the Clark Bar, Haviland Thin Mints and Sky Bar.
context_section_description: In 2003, Necco consolidated its facilities to share a 52-acre (210,000 m²), 810,000-square-foot (75,000 m²) Revere, Massachusetts, plant and warehouse, where its international headquarters resides to this day. The site employed more than 700 workers.
  Since April 2004, the Necco building at 250 Massachusetts Ave in Cambridge has been occupied by the Novartis Institutes for Biomedical Research. The water tower was repainted with a double helix to represent the biomedical research being performed within. In 2005, the structure, which is still referred to as the Necco candy factory, was added to the U.S. National Register of Historic Places.
  By 2005, the company's annual revenue was around $100 million, at which level it was to remain for several years.
  In December 2007, a buyout of Necco was orchestrated by the private equity fund American Capital Strategies (in partnership with Clear Creek Capital and Domenic Antonellis, the company's CEO). Necco announced the closure of its Pewaukee, Wisconsin, plant in March 2008. In August 2008, Necco replaced its CEO with Richard Krause, a former Procter & Gamble executive, who in February 2009 announced plans to "expand its brand now in the U.S. so it can expand globally later", aiming for a 30% growth in revenue by 2011.
  In November 2010, Necco was listed for sale with a New York broker; although by February 2011, American Capital announced that the sale was off for the time being.
  In July 2013, United Service Organizations sued Necco in U.S. District Court for continuing to use their trademarks after their 2009 marketing deal had expired. In February 2014, the case (1:13-cv-11754) was dismissed due to an out of court settlement.
caption: Banana Split chews
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