U.S. baker Flower Foods Inc said it is targeting acquisitions in new markets, after reporting strong quarterly sales, helped by its takeover of Tastykakes maker Tasty Baking Co.
The strong sales results, driven by a rise in overall volumes, sent the company's shares up as much as 7 percent to $21 on Thursday.
The maker of Nature's Own and Whitewheat breads has traditionally targeted acquisitions to beef up its branded snack cake business and expand into the Northeast. Flower Foods bought Tasty Baking last year as part of this strategy.
"Our strategy for expanding our geographic footprint is to grow into new markets with high population densities, that are adjacent to our existing direct store delivery territory," Allen Shiver, the company's president, said on a call with analysts.
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