The Hershey Company acquires Joseph Schmidt Confections

17/08/05 The Hershey Company, the largest North American confectionery company and a leading snack food marketer, has announced that its newly formed, wholly owned subsidiary, Artisan Confections Company, has acquired the assets of Joseph Schmidt Confections, Inc., a premium chocolate maker. Joseph Schmidt is known for its artistic and innovative truffles, colorful chocolate mosaics, specialty cookies, and handcrafted chocolates presented in distinctive packaging. These products are sold in select department stores and other specialty outlets nationwide as well as in Joseph Schmidt's stores located in San Jose and San Francisco.

Hershey also has completed the previously announced acquisition of Scharffen Berger Chocolate Maker, Inc., one of the fastest-growing premium chocolate companies in the United States. Scharffen Berger, based in San Francisco, California, is known for its high-cacao-content, signature dark chocolate bars and baking products. The combined purchase price for Scharffen Berger and Joseph Schmidt will be between $46.6 million and $61.1 million, with the final amount reflecting actual sales growth through 2007. Together, these companies have combined annual sales of approximately $25 million.

Founded in Berkeley, California in 1996 by John Scharffenberger and Dr. Robert Steinberg, Scharffen Berger Chocolate Maker is an artisanal American chocolate company. The company sources the best cacao beans, roasts and grinds them in small batches in vintage European equipment, and creates blends that make the world's finest tasting premium chocolate. The distinctive chocolate, like fine wine, possesses complexity, distinct fruitiness, balance, intense flavor, and a lingering finish. Scharffen Berger products are available on the web at http://www.scharffenberger.com and at the Scharffen Berger stores in Berkeley, San Francisco, CA, Healdsburg, CA and New York City. Select products are also available at fine specialty stores nationwide with a limited international presence.

Headquartered in San Francisco, California, Joseph Schmidt is recognized for its dazzling signature truffles and exquisite chocolates in elegantly designed gift-wrapped or hand-painted packaging.

The Hershey Company is a leading snack food company and the largest North American manufacturer of quality chocolate and non-chocolate confectionery products. With revenues of over $4 billion and more than 13,000 employees worldwide, The Hershey Company markets such well-known brands as Hershey's, Reese's, Hershey's Kisses, Kit Kat, Almond Joy, Mounds, Jolly Rancher, Twizzlers, Ice Breakers, and Mauna Loa, as well as innovative new products such as Take 5 candy bar and Hershey's cookies. In addition to its traditional confectionery products, Hershey offers a range of products specifically developed to address the nutritional interests of today's health- conscious consumer. These products include sugar-free Hershey's, Reese's and York candies, as well as Hershey's SmartZone bars for people seeking balanced nutrition. It also markets Hershey's cocoa, Hershey's syrup and other branded baking ingredients, toppings and beverages.

http://www.thehersheycompany.com/news/release.asp?releaseID=743393