The Hershey Trust, which owns over 80% of the US confectioner's voting rights, has reached an agreement with the Pennsylvania Attorney Gener...
Hershey turned down a takeover approach from Mondelez International last week (30 June). At US$107 per share, the cash-and-shares offer valu...
Hershey's first-quarter results contained a triple whammy yesterday (26 April) as the confectioner reported falling sales and earnings, cuts to forecasts for 2016 and upped its cost savings targets from 2017. The company's results were hit by continued pressure in China and challenges in North America. Hershey, however, announced the acquisition of snacks brand BarkThins and, on a conference call with investors, the Reese's owner appeared confident it was taking the right steps to improve its performance.
That China is central to Hershey's challenges at the moment was underlined on Friday after the US confectioner booked a second-quarter loss of almost US$100m following an impairment charge on local subsidiary Shanghai Golden Monkey.
Two significant announcements this week - from dairy giant Fonterra and from infant formula group Mead Johnson - further underlined how the impact of China's recent economic slowdown is affecting companies in our sector.
Compared to many food sector giants, Hershey's expansion on the international stage was relatively recent. Stepping up Hershey's presence overseas was seen as a way to unlock growth in rapidly-expanding markets and the company was bullish on its ability to translate the brand strength of its portfolio to new territories. But this path has proven challenging in 2015 and, last week, Hershey again lowered its sales forecast for the year, citing weakness in the key international market of China. Katy Askew examines whether Hershey's international drive has stalled.
CSM Bakery Solutions came to life two years ago when Rhône Capital acquired the bakery supplies business of Dutch food and ingredients group CSM. At the time, Rhône Capital said it would invest in CSM's capacity to innovate and use its customer relationships to support global growth. Katy Askew spoke to CSM vice president of bakery products, Sebastian Siethoff, to find out more.
Hershey has become the latest major chocolate company to make a bold public commitment to sustainable cocoa. Andy McCormick, Hershey's vice president, cocoa sustainability, spoke with Ben Cooper about the company's 21st Century Cocoa Plan and its commitment to collective efforts to achieve a sustainable cocoa sector.
This week we heard from executives at Mondelez on the company's struggling sales and its plans to expand in the Chinese chocolate market. Mars was among those to discuss employee health initiatives with us. And Hershey revealed that it is not getting the results it wants in US candy, mint and gums. Here are just-food's quotes of the week.
We released the results of our post EU referendum confidence survey this week, with findings pointing to nervousness over the medium term impact on the food sector. This is in no small part due to uncertainty over the potential trade deals that will emerge. We also ran an in-depth analysis of the various scenarios UK food makers could face in their trade with Europe. Mondelez International revealed sales are coming under pressure and detailed plans to expand in the Chinese chocolate sector. Danone updated on its progress in fresh dairy. Here are the top headlines from just-food this week.
Hershey has again lowered its full-year sales forecast, citing macroeconomic conditions in China and a weaker outlook for the candy, mint and gum category in the US
A board member of the Hershey Trust has reportedly resigned in the wake of a takeover bid for the chocolate group from Mondelez International.
Hershey revealed today (30 June) its board has "unanimously rejected" a takeover approach from Mondelez International valuing the US chocolate company at US$107 per share.
Reports that Mondelez International has launched a takeover bid for Hershey sent shares in the US chocolate maker up by as much as 21% in morning trade in New York today (30 June).
Hershey is to close a factory in Canada manufacturing products under its Brookside brand.
Hershey has appointed Michele Buck, the head of its business in North America, to the newly-created role of COO.
Hershey is combining two of its iconic Reese's products with the launch of Reese's Pieces Peanut Butter Cups.
Hershey, the US confectionery giant, today (11 May) pledged to use only sugar from "responsible and sustainable sources" by 2020.
Hershey is introducing a new syrup in the US that contains "five simple ingredients".
Hershey has snapped up Ripple Brand Collective, the US firm behind the BarkThins snack brand.
Hershey has upped its target for annual cost savings in a bid to be able to invest in its brands while achieving its targets on earnings, the US confectioner said today (26 April) as the Reese's maker booked lower first-quarter sales and earnings.
Hershey today (26 April) lowered its forecasts for 2016 underlying net sales and earnings per share, citing a "modest trends" for the business and the wider candy, mint and gum category during the first quarter.
Hershey has said it hopes to reverse the declining sales it saw last year through a focus on innovation.
Hershey's revenue in the fourth quarter continued the trends it had seen in the previous months but improved margins meant the US chocolate maker was able to beat Wall Street earnings expectations.
Hershey is looking to increase the distribution of its protein-based snack brand SoFit in the US.
The creation of Kraft Heinz was the stand-out M&A story of the year, although there were plenty of other significant deals, including JBS's move for European meat group Moy Park, the sale of Quorn Foods to Philippines-based Monde Nissin and Nomad Foods' two transactions in European frozen food. Elsewhere, Nestle was rocked by the Maggi recall in India, while it and a number of other companies - including Hershey - suffered amid China's economic slowdown.
This week, McCormick & Co. announced the appointment of Lawrence Kurzius to the position of CEO. Post Holdings was reportedly eyeing the packaged food arm of Bob Evans Farms. Elsewhere, the CEO and chairman of The Greenery quit amid clashes with the supervisory board. And we published the second part of our interview with Ritter chairman Andreas Ronken. Here is the week in quotes
More than 30 US food companies including the likes of ConAgra Foods, Smucker, Kellogg and General Mills have signed up to SmartLabel technology, committing to being more transparent about the ingredients that go into their products.
Hershey has once again lowered its full-year sales forecast as third-quarter North American revenue came in below expectations and its Chinese arm continued to weigh on the business.
Hershey has outlined a series of new sustainability targets as part of its move to join the American Business Act on Climate Pledge, an initiative drawn up by the Obama administration to "demonstrate support for action on climate change".
US fans of British chocolate imports have taken to social media to vent their frustration after Hershey earlier this week reached a settlement with an importer to stop distributing British-made candy bars into the country.
Pasta maker Barilla has joined the likes of Hershey in investigating the uses of 3D printing in the food sector.
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