Hershey Company Acquires Dagoba Organic Chocolate

20/10/06 The Hershey Company, as part of its strategic focus on the high-growth premium chocolate segment, today announced that it has acquired the assets and operations of Dagoba Organic Chocolate, LLC. Based in Ashland, Oregon, Dagoba is known for its high-quality natural and organic chocolate bars, hot chocolate and chocolate-covered coffee beans sold in natural foods outlets and gourmet stores.

In announcing the acquisition, Richard H. Lenny, Chairman, President and Chief Executive Officer, The Hershey Company, said, "Organic chocolate products are experiencing dramatic growth as consumers continue to trade up for indulgent, high-quality products. Dagoba, with its well-regarded portfolio of quality organic products, will enable Hershey to build on its leadership in the North American chocolate market by meeting emerging consumer needs and building profitable new marketplace opportunities."

Chris Baldwin, Senior Vice President, President North American Commercial Group, The Hershey Company, said, "Dagoba's strong presence in the natural channel is a real plus for Hershey, allowing us to expand our presence and broaden our offerings in this growing arena. In addition, Dagoba's use of only the finest organic ingredients makes it a great complement to our existing, premium portfolio of Scharffen Berger and Joseph Schmidt products."

"This is a tremendous opportunity for Dagoba," said Frederick Schilling, Chief Executive Officer and Founder, Dagoba Organic Chocolate, LLC. "Hershey's deep commitment to quality and sustainability throughout its supply chain will help Dagoba improve and expand its mission of improving cacao farmers' livelihoods and expanding organic farming methods. This partnership will enable us to continue creating the world's most exquisite chocolate and make it available to a much broader consumer base."