HERSHEY, Pa., June 25, 2021 /PRNewswire/ -- The Hershey
Company (NYSE: HSY) today announced the completion of its
acquisition of Lily's, the high-growth maker of low-sugar,
better-for-you (BFY) confectionery products, for a purchase price
of $425 million.
"Lily's is a great addition to Hershey's growing portfolio of better-for-you
snacking brands, and we are excited to add this high-growth,
leading BFY brand and to get to work with its talented and
innovative team," said Chuck Raup,
President U.S. "Lily's popular low-sugar products are a great
strategic fit with our multi-pronged better-for-you snacking
strategy and will perfectly complement our existing iconic
Hershey's BFY offerings."
Lily's mission is to offer consumers a range of great tasting,
low sugar treats. Launched with four chocolate-style bars
nationally in Whole Foods Market, today the expanded line of bars,
baking chips and other confections can be found across the country
at key retailers.
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subject to risk and uncertainty. Because actual results may differ
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you should not place undue reliance on the forward-looking
statements when deciding whether to buy, sell or hold the company's
securities. Factors that could cause results to differ materially
include, but are not limited to: the ability to timely satisfy the
conditions to the closing the transactions contemplated in the
definitive agreement; our ability to realize the benefits of the
transaction; risks related to the impact of the coronavirus global
pandemic ("COVID-19") on our business, suppliers, distributors,
consumers, customers, and employees; the scope and duration of the
pandemic; government actions and restrictive measures implemented
in response to the pandemic, including the distribution of
vaccinations and continuation of social distancing guidelines and
stay at home orders; disruptions or inefficiencies in our supply
chain due to the loss or disruption of essential manufacturing or
supply elements or other factors; issues or concerns related to the
quality and safety of our products, ingredients or packaging, human
and workplace rights, and other environmental, social or governance
matters; changes in raw material and other costs, along with the
availability of adequate supplies of raw materials; the company's
ability to successfully execute business continuity plans to
address the COVID-19 pandemic and resulting changes in consumer
preferences and the broader economic and operating environment;
selling price increases, including volume declines associated with
pricing elasticity; market demand for our new and existing
products; increased marketplace competition; failure to
successfully execute and integrate acquisitions, divestitures and
joint ventures; changes in governmental laws and regulations,
including taxes; political, economic, and/or financial market
conditions; risks and uncertainties related to our international
operations; disruptions, failures or security breaches of our
information technology infrastructure; our ability to hire, engage
and retain a talented global workforce, our ability to realize
expected cost savings and operating efficiencies associated with
strategic initiatives or restructuring programs; complications with
the design or implementation of our new enterprise resource
planning system; and such other matters as discussed in our Annual
Report on Form 10-K for the year ended December 31, 2020. All
information in this press release is as of June 25, 2021. The company undertakes no duty to
update any forward-looking statement to conform the statement to
actual results or changes in the company's expectations.
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 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.
To learn more visit www.thehersheycompany.com.
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SOURCE The Hershey Company