The Hershey Company

The Hershey Company. It is an American multinational confectionery manufacturer and one of the largest chocolate producers in the world. Founded by Milton S. Hershey in the late 19th century, the company is headquartered in the company town of Hershey, Pennsylvania, which it established. Its iconic products, such as the Hershey's Milk Chocolate Bar and Hershey's Kisses, are staples in the global confectionery market.

History

The enterprise was founded on February 9, 1894, by Milton S. Hershey as the Hershey Chocolate Company, a subsidiary of his successful Lancaster Caramel Company. After selling the caramel business, Hershey focused exclusively on chocolate, pioneering the mass production of milk chocolate using fresh milk. In 1903, he began construction of a massive factory in Derry Township, Pennsylvania, which led to the creation of the model industrial community of Hershey, Pennsylvania. The company established the Milton Hershey School in 1909, a philanthropic institution for orphaned children, funded by Hershey's personal fortune. During World War II, the company produced specially formulated Field Ration D bars for the United States Armed Forces. Significant acquisitions in the late 20th and early 21st centuries, including H.B. Reese Candy Company (maker of Reese's Peanut Butter Cups) in 1963, Leaf Candy Company brands like Jolly Rancher in 1996, and Amuroi of Brazil in the 2000s, dramatically expanded its portfolio.

Products

Its portfolio includes a vast array of chocolate and non-chocolate confections, many of which are market leaders. Core chocolate brands include the Hershey's Milk Chocolate Bar, Hershey's Kisses, and Reese's Peanut Butter Cups. Other major offerings encompass Hershey's Cookies 'n' Creme, Kit Kat and Rolo under license from Ferrero SpA, and York Peppermint Pattie. The company's non-chocolate or gum portfolio features Jolly Rancher hard candies, Twizzlers licorice, and Ice Breakers mints. It also produces baking products like Hershey's Cocoa and Hershey's Syrup, and has expanded into snack categories with items like Brookside fruit and chocolate snacks and Krave jerky.

Operations

The company's primary manufacturing facility remains in Hershey, Pennsylvania, with other major plants in locations such as Hazleton, Pennsylvania, Stuarts Draft, Virginia, and Robinson, Illinois. It operates significant international manufacturing and distribution centers in countries including Canada, Mexico, India, and Malaysia. The company's global supply chain sources key ingredients like cocoa beans, sugar, and milk from around the world, with a major focus on West Africa for cocoa. It also operates popular visitor attractions, including Hersheypark amusement park, Hershey's Chocolate World, and The Hotel Hershey, which are major tourism drivers for the region.

Corporate affairs

The company is publicly traded on the New York Stock Exchange under the ticker symbol HSY. Its controlling shareholder is the Hershey Trust Company, which administers the endowment for the Milton Hershey School, creating a unique governance structure. The current Chair, President, and Chief Executive Officer is Michele Buck. Major competitors in the global confectionery space include Mondelez International, Mars, Incorporated, and Nestlé. The company engages in significant marketing, notably through sponsorships with organizations like the National Football League and advertising campaigns during events like the Super Bowl.

Controversies

The company has faced criticism and ethical scrutiny, particularly concerning its cocoa sourcing. Allegations of child labor and forced labor in the cocoa farms of Côte d'Ivoire and Ghana have led to lawsuits and pressure from groups like International Rights Advocates. It has implemented programs like Cocoa For Good to address these supply chain issues. Other controversies have included a failed takeover attempt by Mondelez International in 2016, which sparked a legal and political debate about foreign ownership, and a 2022 lawsuit over alleged lead and cadmium content in its dark chocolate products. The governance of the Hershey Trust Company has also been subject to legal scrutiny and reform efforts by the Pennsylvania Attorney General.

Category:Confectionery companies of the United States Category:Companies based in Pennsylvania Category:Food and drink companies established in 1894