THE HERSHEY COMPANY PURCHASES STOCK FROM HERSHEY TRUST COMPANY

Rhea-AI Summary

The Hershey Company (NYSE: HSY) has completed the purchase of 1 million shares of its common stock from Hershey Trust Company for approximately $240 million, equating to $239.91 per share. This transaction aligns with Hershey's capital allocation strategy, emphasizing the company’s strong financial position. CFO Steve Voskuil highlighted that the strong balance sheet allows continued investments aimed at future growth. Hershey operates in the snacks sector, generating over $8.9 billion in annual revenues from its portfolio of iconic brands, including Hershey's, Reese's, and Kit Kat.

Positive

• Purchased 1 million shares at $239.91 each, signaling a commitment to shareholder value.
• Strong balance sheet enhances flexibility for future investments.

Negative

• None.

HERSHEY, Pa., Feb. 15, 2023 /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 $240 million, or $239.91 per share.

"Share buybacks are an important part of our capital allocation strategy," said Steve Voskuil, Chief Financial Officer, The Hershey Company. "This transaction is consistent with that practice. 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, Pennsylvania 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 19,000 employees around the world who work every day to deliver delicious, quality products. The company has more than 100 brand names in approximately 80 countries around the world that drive more than $8.9 billion in annual revenues, including such iconic brand names as Hershey's, Reese's, Kit Kat^®, Jolly Rancher and Ice Breakers, and fast-growing salty snacks including SkinnyPop, Pirate's Booty and Dot's Homestyle Pretzels.

For more than 125 years, Hershey has been committed to operating fairly, ethically and sustainably. Hershey founder, Milton Hershey, created Milton Hershey School in 1909 and since then the company has focused on helping children succeed.

To learn more visit www.thehersheycompany.com.

 

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SOURCE The Hershey Company

FAQ

What stock buyback announcement did Hershey make on February 15, 2023?

Hershey announced a buyback of 1 million shares at approximately $239.91 each from Hershey Trust Company.

How much did Hershey spend on its recent stock repurchase?

Hershey spent about $240 million for the stock repurchase.

What is the impact of the stock buyback on Hershey's financial strategy?

The buyback reflects Hershey's capital allocation strategy and demonstrates its strong financial position.

What is the stock symbol for The Hershey Company?

The stock symbol for The Hershey Company is HSY.