THE HERSHEY COMPANY PURCHASES STOCK FROM HERSHEY TRUST COMPANY

Rhea-AI Summary

The Hershey Company (NYSE: HSY) announced the purchase of one million shares of its common stock from Hershey Trust Company for approximately $203 million, at a price of $203.35 per share. This buyback aligns with Hershey's capital allocation strategy and stock replenishment program, highlighting the company's commitment to shareholder value. CFO Steve Voskuil expressed that the strong balance sheet allows continued investment flexibility for future growth. Hershey has a robust portfolio of over 90 brands generating more than $8.1 billion in annual revenues.

Positive

• Share buyback of 1 million shares for $203 million demonstrates strong capital allocation.
• CFO states strong balance sheet allows for continued investments and future growth.

Negative

• None.

HERSHEY, Pa., Feb. 16, 2022 /PRNewswire/ -- The Hershey Company (NYSE: HSY) announced today that it has completed a purchase of one million shares of its common stock from Hershey Trust Company, as Trustee for the Milton Hershey School Trust, for approximately $203 million, or $203.35 per share.

"Share buybacks are an important part of our capital allocation strategy as well as our stock replenishment program," said Steve Voskuil, Chief Financial Officer, The Hershey Company. "This transaction is consistent with those practices. The company's strong balance sheet enables continued flexibility to invest in our business to help drive future growth."

About The Hershey Company
The Hershey Company is headquartered in Hershey, Pa., and is an industry-leading snacks company known for bringing goodness to the world through its iconic brands, remarkable people, and enduring commitment to help children succeed. Hershey has approximately 17,000 employees around the world who work every day to deliver delicious, quality products. The company has more than 90 brands around the world that drive more than $8.1 billion in annual revenues, including such iconic brand names as Hershey's, Reese's, Kit Kat®, Jolly Rancher, Ice Breakers, SkinnyPop, and Pirate's Booty. For more than 125 years, Hershey has been committed to operating fairly, ethically, and sustainably.  Hershey founder, Milton Hershey, created the Milton Hershey School in 1909 and since then the company has focused on helping children succeed.

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-hershey-company-purchases-stock-from-hershey-trust-company-301484199.html

SOURCE The Hershey Company

FAQ

What stock buyback did Hershey Company announce on February 16, 2022?

Hershey Company announced a buyback of one million shares for approximately $203 million, at $203.35 per share.

How does Hershey Company's stock buyback affect its shareholders?

The stock buyback reflects Hershey's commitment to enhancing shareholder value and is part of its capital allocation strategy.

What is the financial impact of Hershey's share purchase from Hershey Trust Company?

The share purchase of $203 million indicates Hershey's strong financial position and ability to invest in future growth.

What companies are included in Hershey's brand portfolio?

Hershey's portfolio includes over 90 brands, generating more than $8.1 billion in annual revenues.

Who commented on the share buyback for Hershey Company?

CFO Steve Voskuil stated that the buyback is consistent with the company's capital allocation strategy.