Hershey progressing on “innovative snacking powerhouse” journey
22 Feb 2018 --- US chocolate and confectionery giant The Hershey Company has detailed the progress the business is making towards its vision of becoming an innovative snacking powerhouse. In a presentation yesterday (Feb 21) at the 2018 Consumer Analyst Group of New York (CAGNY) conference, Michele G. Buck, President and Chief Executive Officer, of The Hershey Company and Patricia A. Little, Senior Vice President and Chief Financial Officer, went over the latest progress.
They discussed initiatives underway to support the company’s growth agenda and financial targets, including its Margin for Growth program, which was originally outlined last March.
At this time Hershey’s also announced how it was to cut around 15 percent of its global workforce in a jobs cull that was also expected to help the company’s new “Margin for Growth” program aiming to boost profit margins by reducing administrative expenses and improving the supply chain.
During the presentation, management also reaffirmed the company's full-year 2018 financial expectations for net sales and earnings per share-diluted growth previously provided in its February 1, 2018, earnings release.
Last December, Hershey’s also signed an agreement to acquire Amplify Snack Brands, the company behind SkinnyPop popcorn, in a move which shows how big US food firms are diversifying focus to better cater for American consumers’ growing preference for healthier options.
Both companies jointly announced that they have entered into a definitive agreement under which Hershey will acquire all outstanding shares of Amplify for US$12.00 per share in cash.
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