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THE HERSHEY COMPANY (HSY)
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The Hershey Company : Hershey to Source 100% Certified Cocoa by 2020

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10/03/2012 | 06:45pm CET

  • 2020 Commitment Complements Established Hershey Programs to Reduce Child Labor and Improve Cocoa Communities in West Africa

The Hershey Company (NYSE: HSY) today said it will source 100 percent certified cocoa for its global chocolate product lines by 2020 and accelerate its programs to help eliminate child labor in the cocoa regions of West Africa.

Certified cocoa will be verified through independent auditors to assure that it is grown in line with the highest internationally recognized standards for labor, environmental and better farming practices. As Hershey increases its use of certified cocoa, the company will also continue to support community-based programs with local African partners, national governments and development agencies. These projects include village school construction, mobile phone farmer messaging, literacy and health programs and training in modern farming techniques.

Currently, certified cocoa accounts for less than five percent of the world's cocoa supply. As the largest chocolate manufacturer in North America, Hershey believes its 2020 purchasing commitment should significantly expand the global supply of certified cocoa, particularly from West Africa, which produces about 70 percent of the world's cocoa.

"Consistent with Hershey's values, we are directly addressing the economic and social issues that impact West Africa's two million cocoa farmers and families," said J.P. Bilbrey, president and chief executive officer, The Hershey Company. "Expanding the use of certified cocoa across our iconic chocolate brands while working with public and private partners, demonstrates Hershey's responsible sourcing practices. I am confident that we can make a substantial difference in West Africa by 2020."

As announced earlier this year, Hershey's Bliss chocolates will be Rainforest Alliance certified and available to consumers by year end. Hershey's Dagoba organic chocolate is currently 100 percent Rainforest Alliance certified. Hershey also said today that its Scharffen Berger brand will source 100 percent certified cocoa by the end of 2013.

Hershey has set a community programming target to reach more than two million West Africans in cocoa villages through its public/private partnerships and programs, including:

  • The U.S. Department of Labor's Framework of Action to eliminate the worst forms of child labor in the cocoa industry in Ghana and Cote d'Ivoire.
  • United Nations International Labor Organization
  • World Cocoa Foundation projects, including Cocoa Livelihoods Program with the Bill and Melinda Gates Foundation and other companies
  • United States Agency for International Development
  • Development of the world's first mobile phone network - CocoaLink - for cocoa farmers in West Africa. The program is already successfully operating in Ghana and Hershey will launch CocoaLink in Ivory Coast in 2013.
  • The HERSHEY LEARN TO GROW farmer and family development center is assisting 25 community-based farmer organizations in central Ghana.

For more information about Hershey's cocoa sustainability programs in West Africa, please see: www.HersheyCocoaSustainability.com.

About The Hershey Company

The Hershey Company (NYSE: HSY) is the largest producer of quality chocolate in North America and a global leader in chocolate and sugar confectionery. Headquartered in Hershey, Pa., The Hershey Company has operations throughout the world and approximately 14,000 employees. With revenues of more than $6 billion, Hershey offers confectionery products under more than 80 brand names, including such iconic brands as Hershey's, Reese's, Hershey's Kisses, Hershey's Bliss, Hershey's Special Dark, Kit Kat, Twizzlers, Jolly Rancher and Ice Breakers. Hershey also offers premium and artisan chocolate products under such brands as Scharffen Berger and Dagoba through the Artisan Confections Company, a wholly owned subsidiary. The company is focused on growing its presence in key international markets such as China and Mexico while continuing to build its competitive advantage in the United States and Canada.

For more than 100 years, The Hershey Company has been a leader in making a positive difference in the communities where its employees live, work and do business. Corporate Social Responsibility is an integral part of the company's global business strategy, which includes goals and priorities focused on fair and ethical business dealings, environmental stewardship, fostering a desirable workplace for employees, and positively impacting society and local communities. Milton Hershey School, established in 1909 by the company's founder and administered by Hershey Trust Company, provides a quality education, housing, and medical care at no cost to children in social and financial need. Students of Milton Hershey School are direct beneficiaries of The Hershey Company's success.

The Hershey Company
Media Contact:
Jeff Beckman, 717-534-8090


© Business Wire 2012
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Sales 2018 7 946 M
EBIT 2018 1 637 M
Net income 2018 1 103 M
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Yield 2018 2,74%
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P/E ratio 2019 17,76
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Capitalization 21 219 M
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Mean consensus HOLD
Number of Analysts 17
Average target price 108 $
Spread / Average Target 7,5%
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Managers
NameTitle
Michele G. Buck President, Chief Executive Officer & Director
John P. Bilbrey Non-Executive Chairman
Patricia A. Little Chief Financial Officer & Senior Vice President
William C. Papa Chief Research & Development Officer, Senior VP
Bob F. Cavanaugh Independent Director
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