Snacks
Why the Maker of Oreos Is Buying a Classy Hamptons Cookie Company
- Baker of ubiquitous treats gets fancy in search of U.S. growth
- A baked good that bespeaks luxury, with a price to match
Mondelez International Inc. is betting that if you pay more for a classy cookie, you’ll eat more of them.
The company, which makes Oreos and Chips Ahoy -- mass-market baked goods that bear scant resemblance to the products of your mom’s oven -- has agreed to buy Tate’s Bake Shop for about $500 million. The fast-growing company started as a bakery in Southampton, New York, the posh Long Island enclave about 90 miles (145 kilometers) east of Manhattan. It produces thin, buttery specimens of the chocolate-chip variety.