Hershey announced on Thursday that it was buying Krave, a company that manufactures beef jerky.
The $300 million deal is a big deal for Hershey as it is the first time the company has purchased another company that doesn't sell candy, chocolates or other sweets, Roberto A. Ferdman reported for The Washington Post.
"Krave jerky is a great fit to our portfolio," Michele Buck, president of Hershey's North America, said in a press release. "Krave jerky is a great fit to our portfolio and overall snacks and adjacencies strategy. The KRAVE brand delivers on portable and protein nutrition while also understanding consumers’ food preferences, including the desire for simple ingredients and transparency, something that is also a part of Hershey’s strategic vision."
The aquistition comes at a time when the jerky industry is booming. The industry brought in nearly $1.5 billion. Sales rose 13 percent since 2013.