Hershey has agreed to buy pretzel makers Dot's Pretzels, the owner of Dot's Homestyle Pretzels, and Pretzels Inc in two separate transactions for about $1.2 billion, the company announced on Wednesday

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Packaged food companies have been spending billions of dollars to improve their snacking operations and maintain high levels of sales growth since the epidemic let them earn outsized gains from people mostly remaining at home.

According to Hershey, net sales for the two pretzel companies were over $275 million in the fiscal year ending September.

It also stated that the transactions, which are slated to finalize by the end of this year, will add only minimally to the company's reported earnings in 2023.

Reese's Peanut Butter Cups and SkinnyPop Popcorn are already produced by Hershey.