TODAY'S PAPER
32° Good Morning
32° Good Morning
Business

LI candy company will be bought by confectioner, exec says

Lanco Corp. has agreed to be purchased by

Lanco Corp. has agreed to be purchased by Nassau Candy in a transaction that is expected to take place around Dec. 1, 2017. Credit: Google Maps

A Ronkonkoma maker of chocolates, mints and other promotional items is set to be purchased by a confectioner in Nassau County, a company executive said Wednesday.

Lanco Corp. has agreed to be purchased by Hicksville-based Nassau Candy in a transaction that is expected to take place around Dec. 1, Lanco president Scott Slade said. He declined to discuss the agreement in detail and referred questions to Lance Stier, an executive with Nassau Candy. Stier declined to comment.

Nassau Candy produces chocolate-covered raisins and pretzels, fudge, fruit slices, roasted nuts, hand-dipped chocolate cherries and other treats.

Slade said he expects Lanco’s Ronkonkoma facility will remain open and all employees will keep their jobs.

Lanco posted a regulatory filing on a state website this week warning that its plant would close Dec. 1, resulting in layoffs that could affect all 130 employees. Under New York’s Worker Adjustment and Retraining Notification Act, companies with at least 50 full-time employees must file a 90-day notice of a mass layoff or closing.

However, Slade said the notice was only “a procedural thing.”

Nassau Candy “is a substantial employer on Long Island, and they made a commitment to Lanco and to operate out of this facility and grow the business,” Slade said.

Lanco said in 2004 that it produced 2 million pounds of candy a year to be sold at stores such as Macy’s and Bloomingdale’s and given away at the Wyndham and Hilton hotels and on cruise ships owned by Carnival and Royal Caribbean. Lanco was founded in the mid-1980s and moved from Hauppauge to Ronkonkoma about two years ago, Slade said.

Nassau Candy sells its products to chain stores, cruise ships, supermarkets and independent retailers.

The company recently applied for tax breaks from the Nassau County Industrial Development Agency, according to a notice for a Nov. 14 public hearing.

Nassau Candy is seeking tax assistance for a 7,200-square-foot expansion to its headquarters at 300 Duffy Ave. in Hicksville, said company attorney Daniel P. Deegan, adding that 15 jobs will be created.

Nassau Candy has received two rounds of tax breaks previously.

In 2013, the IDA granted the company a 20-year property tax break in return for its commitment to remain in the county rather than move to New Jersey or another state.

In 2015, the company received more IDA assistance to support a $4.3 million expansion of its headquarters, adding 26,000 square feet to the 127,000-square-foot facility, Deegan said. That year, the company employed 328 people and planned to hire 20 more.

Nassau Candy also has operations in Florida, Michigan, California and Texas. It started in 1918 as a retail store on Front Street in Hempstead Village. — With James T. Madore

More news