The Hershey Company
|
| Type |
Public (NYSE: HSY) |
| Founded |
1894-02-09[1] |
| Headquarters |
Hershey, Pennsylvania, USA |
| Key people |
Milton S. Hershey, founder;
Richard H. Lenny,[2] current CEO |
| Industry |
Chocolate and candy manufacturer |
| Products |
See list of products manufactured by The Hershey Company |
| Revenue |
$4.6 billion USD (2001)[4] |
| Employees |
14,300 employees worldwide[3] |
| Website |
Hersheys.com |
The Hershey Company (NYSE: HSY), formerly Hershey Foods Corporation (name changed in April 2005[5]), commonly called Hershey's, is America's largest chocolate company.[6] The headquarters are located in Hershey, Pennsylvania, a town permeated by the aroma of cocoa on some days and home to Hershey's Chocolate World. It was founded by Milton S. Hershey in 1894 as the Hershey Chocolate Company, a subsidiary of his Lancaster Caramel Company. Hershey's candies are sold worldwide.[7]
Hershey's is one of the oldest chocolate companies in the United States, and an American icon for its chocolate bar. Today, The Hershey Company owns many other candy companies and is also affiliated with Hershey Entertainment and Resorts Company, which runs Hersheypark, a chocolate-themed amusement park; the Hershey Bears hockey team; HersheyPark Stadium; and the GIANT Center. Hershey also is a sponsor (since 2003) of Richard Childress Racing, initially in the NASCAR Busch Series, and since 2006, split sponsorship with GM Goodwrench on the team's NASCAR Nextel Cup Series #29 car, sponsoring 12 races.
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Contents
- 1 History
- 2 Chocolate
- 3 See also
- 4 References
- 5 External links
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History
After completing an apprenticeship to a confectioner in 1876, Milton Snavely Hershey founded a candy shop in Philadelphia which failed six years later.[8] After trying unsuccessfully to manufacture candy in New York, Hershey returned to Pennsylvania, where he founded the Lancaster Caramel Company, whose use of fresh milk in caramels proved successful.[9] In 1900, Hershey sold his caramel company for $1,000,000[10] (about $22,000,000 in today's currency) and began to concentrate on chocolate manufacturing.[11]
In 1903, Hershey began construction of a chocolate plant in what became Hershey, Pennsylvania.[12] The milk chocolate bars manufactured at this plant proved successful, and the company grew rapidly thereafter.
In 1907 Hershey introduced the small flat bottomed conical shaped pieces of chocolate, which he would name "Hershey's Kisses". While initially they were individually wrapped by hand with squares of foil, in 1921 machine wrapping was introduced and added the small paper ribbon to the top of the package indicating that it was a genuine Hershey product.[13] The product was trademarked three years later and went on to become one of the most successful and well known products ever produced by the company. Other products introduced include MR. Goodbar (1925), Hershey’s Syrup (1926), chocolate chips (1928), and the Krackel bar (1938).
In 1940, over two years after the defeat of the CIO union, an affiliate of the American Federation of Labor successfully organized Hershey's workers under the leadership of John Shearer, who became the local's first president. Currently, Local 464 of the Bakery, Confectionary, Tobacco Workers, and Grain Millers represents the Hershey workers, and although it calls itself the "Chocolate Workers," it has successfully organized local workers in other industries.
While celebrating Reese's 40th Anniversary on April 12th, 1963 the six Reese brothers, Dick, Ed, Ralph, Harry, John and Bob, announced a $24 million tax free stock-for-stock merger between Reese Candy and Hershey Chocolate. As of 2006, Reese's Peanut Butter Cups are the # 1 selling candy bar in the United States and the Reese's brand is the most successful brand manufactured by The Hershey Company.citation needed]
A Hershey's "Dark" (45% cocoa) chocolate bar sold in the United States.
The first plant outside of Hershey, Pennsylvania was opened on June 15, 1963 in Smiths Falls, Ontario, Canada.[14] Another plant, that covers two million square feet of manufacturing space (185000 square meters), is the largest chocolate factory in the world;[15] the factory was opened on May 22, 1965 in Oakdale, California.[16] These are the major factories for Hershey's, as tours are offered in the Smiths Falls, Ontario, Canada plant. Tours were operated for the Pennsylvanian factory, but this no longer the case.[17] Visitors to Hershey, Pennsylvania can now experience Chocolate World visitor's center and its simulated tour ride.
In 1986, Hershey's began a brief foray into cough drops when it acquired the Luden's cough drops brand. By 2001, the brand had been sold to Pharmacia.[18] In 1988, Hershey's acquired the rights to manufacture and distribute many Cadbury-branded products in the United States. The Cadbury creme eggs sold in the United States, however, are imported by Hershey directly from Cadbury in the United Kingdom.[19]
On July 25th, 2002 it became public knowledge that the Milton Hershey School Trust was seeking to sell its controlling interest in the Hershey Foods Corporation. The value of Hershey stock skyrocketed 25% with over 19 million shares trading that day. However, over the next 55 days, widespread press coverage, as well as pressure from Pennsylvania Attorney General Mike Fisher, the Community of Hershey and Dauphin County Orphans' Court Senior Judge Warren G. Morgan, led to the sale being abandoned. All 7 Hershey Trustees who voted to sell Hershey Foods on September 17th, 2002 for $12.5 billion to the William Wrigley Jr. Co. were removed by Attorney General Fisher and Judge Morgan. In all, 10 of the 17 Trustees were forced to resign and 4 new members who lived locally were appointed with former Pennsylvania Attorney General, LeRoy S. Zimmerman, becoming the new Chairman of the reconstituted Milton Hershey School Trustees. Mr. Zimmerman has publicly committed to having the Milton Hershey School Trust always retain its controlling interest in The Hershey Company.
In July 2005, Hershey's announced that they would be acquiring the Berkeley, California-based boutique chocolate-maker Scharffen Berger.[20]
Hershey's chocolate is available over the United States, due to their wide network of distribution.[21] They have three mega distribution centers, with modern technology and labor management systems.[22]
Chocolate
Today, most of Hershey's chocolate products are not made using traditional European recipes, but instead use less cocoa and a higher incorporation of sugar. It is also notable that while Hershey's products are sold in a number of European countries, they do not dominate any of the European markets.
See also
- List of products manufactured by The Hershey Company
- Big Chocolate
- H. B. Reese
References
- Brenner, Joël Glenn (2000). The Emperors of Chocolate: Inside the Secret World of Hershey & Mars. Broadway Books. ISBN 0-7679-0457-5.
- ^ About.com. URL last accessed 2006-06-30.
- ^ Reference For Business.com URL last accessed June 30, 2006.
- ^ Reference For Business.com URL last accessed June 30, 2006.
- ^ Sptimes.com URL last accessed June 30, 2006.
- ^ Preparedfoods.com URL last accessed June 30, 2006.
- ^ Booksense.com URL last accessed June 30, 2006.
- ^ Booksense.com URL last accessed June 30, 2006.
- ^ Reference For Business.com URL last accessed June 30, 2006.
- ^ Reference For Business.com URL last accessed June 30, 2006.
- ^ Reference For Business.com URL last accessed June 30, 2006.
- ^ Reference For Business.com URL last accessed June 30, 2006.
- ^ Reference For Business.com URL last accessed June 30, 2006.
- ^ Reference For Business.com URL last accessed June 30, 2006.
- ^ Hershey's Canada (collections.ic.gc.ca) URL last accessed June 30, 2006.
- ^ Surfnetkids.com/chocfactory.htm URL last accessed July 3, 2006.
- ^ Herhsey's.com URL last accessed June 30, 2006.
- ^ Herhsey's.com URL last accessed June 30, 2006.
- ^ Hersheys.com URL last accessed September 29, 2006.
- ^ Typetive review URL last accessed June 30, 2006.
- ^ Sfgate.com URL last accessed June 30, 2006.
- ^ Fool.com. URL last accessed July 3, 2006.
- ^ The Logistics Intitute # Chris Malon, Hershey Foods URL last accessed July 3, 2006.
External links
- Official Hershey's chocolate and candy site
- Official Hershey corporate site
- Hershey Canada
| Confectionery products of The Hershey Company |
| Chocolate-based |
| 5th Avenue | Almond Joy | Bar None (discontinued) | Cherry Blossom | Glosette (Canada only) | Heath bar | Hershey bar | Hershey's Kiss | Hershey's Kissables | Hershey's Bar None | Hershey's Cookies 'n' Creme | Hershey's Pops | Hershey's S'mores | Kit Kat | Krackel | Milk Duds | Mounds | Mr. Goodbar | Oh Henry! (Canada only) | PayDay Chocolate (Limited Edition) | Rolo | Fast Break | Reese's Peanut Butter Cup | Reese's Pieces | ReeseSticks | Skor | Take 5 (Also known as Max 5) | Whoppers | York Peppermint Pattie |
| Non-Chocolate |
| Bubble Yum | Ice Breakers | Jolly Rancher | Koolerz | PayDay | ZAGNUT |
| Other |
| Good & Plenty | Snack Barz | Swoops | Twizzlers | Whatchamacallit |
Hershey also manufactures Cadbury-branded products in the U.S. and military chocolate for the U.S. armed forces |
Categories: Companies listed on the New York Stock Exchange | Articles with unsourced statements | Chocolatiers | Hershey brands | Companies based in Pennsylvania | Confectionery companies of the United States | Food companies of the United States | Companies established in 1894 | Fortune 1000 | NASCAR sponsors
