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Slide #29. The Hershey Company — Majority Share of Shanghai Golden Monkey Food Company
The Hershey Company (NYSE:HSY)
Majority Share of Shanghai Golden Monkey Food Company
The Hershey Company (NYSE:HSY), the largest producer of quality chocolate in North America and a global leader in chocolate, sweets and refreshments, announced that its wholly-owned subsidiary, Hershey Netherlands B.V., has signed an agreement to acquire 80 percent of the iconic Shanghai Golden Monkey Food Joint Stock Co., Ltd. (SGM), a privately held confectionery company based in Shanghai, China. Completion of the agreement is expected to occur in the second quarter of 2014 and is subject to China regulatory and SGM shareholder approval.
Hershey is engaged in the production of chocolate and non-chocolate confectionery. Co.'s segments are: North America, which is responsible for Co.'s chocolate and non-chocolate confectionery market position, and its grocery and snacks market positions, in the United States and Canada; and International and Other, in which Co. has operations and manufactures product in China, Mexico, Brazil, India and Malaysia, and also distributes and sells confectionery products in export markets of Asia, Latin America, Middle East, Europe, Africa and other regions. Co.'s product offerings include chocolate and non-chocolate confectionery products, gum and mint refreshment products, snack and pantry items.
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