Cracker Jack Sold To Frito-Lay Co.

The prize in every box of Cracker Jack now belongs to Frito-Lay Co.

Borden Foods Corp. will sell the candy-coated popcorn and peanut mix, which was introduced 104 years ago, to Frito-Lay, the companies said Wednesday. Terms were not disclosed.

As one of the few brand names that has become part of pop culture, largely through the lyrics of “Take Me Out to the Ballgame,” the PepsiCo unit saw Cracker Jack as a natural fit with its Lay’s, Doritos and Cheetos brands.

Columbus-based Borden, which bought Cracker Jack in 1964, said in March that it would try to sell the snack along with Eagle Brand sweetened and condensed milk, Cremora nondairy creamer and other food products. The company wanted to focus on pasta and other grain-based foods.

Cracker Jack sales totaled about $31 million for the year ended Sept. 14, according to Information Resources, a Chicago-based marketing company. Cracker Jack sales made up 10.9 percent of the $282 million ready-to-eat popcorn-caramel brand market.