Two former chief executives at Hershey Foods predict worker layoffs if the company is sold.

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Last month employees were shocked when the Milton Hershey School Trust, which owns 76% of the voting stock in Hershey, said it was selling its stake to diversify its investment portfolio. Potential buyers are rumoured to include Kraft, Cadbury-Schweppes and mooted frontrunner Nestlé.


Kenneth Wolfe, who served as chief executive between 1994 and 2001, is quoted by Associated Press as saying that the sell-off plan represents “the height of arrogance and greed”.


The former CEOs said that no such move was ever given serious consideration during their tenure, and that it would results in layoffs and even plant closures.

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