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Hershey eyes non-chocolate sales with deal
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US chocolate and confectionary maker Hershey Company said yesterday it has acquired an 80 percent stake in Shanghai Golden Monkey Food Joint Stock Co for US$394 million.
The takeover is set to boost Hershey’s market position and increase sales in the non-chocolate sector in China as the US company hopes to penetrate deeper in lower-tier cities. The Shanghai food company will remain an independent business unit under Hershey International.
“Our primary focus currently is on the China market and we’ll consider the opportunity to introduce Shanghai Golden Monkey’s products to overseas markets,” said Humberto Alfonso, president of Hershey International, at a media briefing in Shanghai yesterday.
Hershey expects its China sales to rise 40 percent from a year ago to US$200 million this year, and to further climb to US$500 million by the end of next year after consolidating sales figures with Shanghai Golden Monkey.
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