Hershey has acquired an 80% stake in the Shanghai Golden Monkey Food Joint Stock (SGM), a privately held confectionery company based in Shanghai, China.
Shanghai Golden Monkey Food Company product range includes Golden Monkey candy, chocolate, protein-based products, and snack foods.
Hershey believes SGM's trusted brand name and diverse product offerings will aid its presence in China's sugar confectionery and snack market, and also complements Hershey's existing portfolio in the region.
Hershey will continue to invest in SGM brands and go-to-market capabilities enabling the company to deliver its popular products to more consumers throughout China.
Hershey International President Humberto P. Alfonso said: "This strategic acquisition advances our international growth agenda and builds on our commitment to the China market by providing world-class, quality products to Chinese consumers.
"We will leverage Shanghai Golden Monkey's iconic brands, diverse product portfolio and strong sales force to build on the organic growth we delivered in China over the past several years. Acquiring such an iconic and scalable brand increases our opportunity to drive top-line growth and create value for shareholders over the long term.".
