NECCO gets help from Mass. governor, will remain open
REVERE Candy hearts maker NECCO will stay open thanks to help from Massachusetts Gov. Deval Patrick’s help in finalizing a deal with a buyer.
The candy company, which relocated from Cambridge to Revere a few years ago, was considering shutting down if it could not find a buyer, state officials said.
But after NECCO, also known as the New England Confectionary Co., found a potential match, Patrick administration officials helped close the deal, mediating months of complex negotiations.
Officials said no state grants or tax incentives were needed, just help from the Massachusetts Office of Business Development in negotiating. Bethesda, Md.-based American Capital Strategies closed the deal late last year after eight months of talks.
Without a buyer, NECCO might have had to shutter operations, a move that would have cost 650 jobs, officials said.
“It’s great to know that an iconic classic like NECCO is staying right here in the commonwealth,” said Kofi Jones, a spokeswoman for the Executive Office of Housing and Economic Development.
“There were times when it didn’t look like it was going to work,” said Dominic Antonellis, NECCO’s chief executive officer. “People from the Massachusetts Office of Business Development helped me hold people together and keep the deal strong.”