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Hershey prioritizes China business
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US chocolate and confectionery maker Hershey Company said it plans to deepen market penetration and expand market share as it launches the new Brookside brand in China.
“China is Hershey’s number 1 priority within our international market and we’ll continue to invest heavily in the brands, operations and local capabilities,” Hershey Company’s Chairman, President and CEO, John Bilbrey, said in a recent meeting with China’s Vice Premier Wang Yang, according to an email statement.
Hershey has acquired local confectionery maker Shanghai Golden Monkey Co to lift sales in the non-chocolate sector.
“This acquisition allows us to move deeper into vast markets outside of the first tier cities and into new retail channels across the country,” Bilbrey added.
Last September, the Hershey Company completed the US$394 million take over of 80 percent stake in Shanghai Golden Monkey Co and expects sales in China to reach US$500 million by the end of 2015 after consolidating sales figures with Shanghai Golden Monkey.
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