Carmel Company Buys Splenda Brand

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Carmel-based Heartland Food Products Group has entered into an agreement to buy the Splenda brand from a subsidiary of Johnson & Johnson Consumer Inc. (NYSE: JNJ). The company says the acquisition will result in more than 100 new jobs in its operations in Indianapolis and Carmel.

The companies expect the transaction to close before the end of the year. Financial terms were not disclosed.

Heartland Chief Executive Officer Ted Gelov calls Splenda "the most iconic low-calorie sweetener in the world," and says he looks forward to welcoming "a talented team of professionals to our organization."

The Carmel company partnered with New York City-based Centerbridge Partners L.P. on the acquisition. Centerbridge will become a shareholder in Heartland once the transaction closes.