ST. LOUIS -- Despite the fact that it's on the auction block, Eagle Snacks here is aiming to triple its sales in the coming year.
According to David Poldoian, Eagle's president, the snack food maker has its sights set on $1.5 billion in sales, a jump from today's level of $500 million.
"We are going to accomplish this by broadening the category line, which includes a national rollout of our extruded cheese product, Cheegles, within the next year," said Poldoian, noting the company has a "long-term track record of growth and high product quality."
Nevertheless, in its 15 years of operation, Eagle has never been profitable. Thus, its parent company, Anheuser-Busch, looked at the challenges facing the beer industry and decided it would rather allocate its capital to its core business. As a result, Eagle Snacks is up for sale.
While Poldoian wasn't at liberty to name names, he said "a number of well-qualified and well-capitalized" companies are interested in Eagle. "We expect this is going to be a very efficient process."
In the meantime, he said, plans to expand the company are in the works. "We also are going to broaden our distribution base, which has primarily been supermarkets. Now Eagle will be looking at convenience stores and institutional food outlets."
Poldoian said it's important for Eagle Snacks to thrive in order for retailers and consumers to have a choice.