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MarketScreener Homepage  >  Equities  >  Nyse  >  The Hershey Company    HSY

THE HERSHEY COMPANY

(HSY)
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Hershey Co : Hershey to Purchase 100% Traceable and Sustainably Sourced Palm Oil by the End of 2014

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12/17/2013 | 09:10am EDT

Company will achieve 100% mass balanced RSPO certified palm oil starting January 1, 2014, one year ahead of schedule

In addition to achieving its commitment to source 100 percent mass balanced RSPO (Roundtable on Sustainable Palm Oil) certified palm oil more than a year ahead of its original 2015 commitment, The Hershey Company (NYSE:HSY) announced today it will also work with its suppliers to achieve 100 percent traceable and sustainably sourced palm oil by the end of 2014.

This mature palm tree is approximately 20-25 years old and is located on a palm plantation in Malays ...

This mature palm tree is approximately 20-25 years old and is located on a palm plantation in Malaysia. Palm exports from Malaysia and Indonesia make up approximately 85 percent of the palm oil market. (Photo: Business Wire)

"The Hershey Company is committed to continuous improvement and transparency in our sustainable sourcing efforts," said Frank Day, Vice President of Global Commodities. "Our move to source 100 percent traceable palm oil is the latest step forward in our efforts to ensure we are sourcing only sustainably grown palm oil that does not contribute to the destruction of wildlife habitat or negatively impact the environment. Our sustainable sourcing programs continue to improve and evolve and progress is reported annually in our Corporate Social Responsibility Report."

New Supplier Requirements

While The Hershey Company is a very small consumer in the palm oil market, the additional step of 100 percent traceability will assure that the palm oil in its supply chain is produced using the most rigorous sustainability practices. To achieve this commitment, the company will work closely with its suppliers and industry experts to ensure palm oil comes from sustainable sources. Suppliers will be required to independently verify that sources:

  1. Do not contribute to deforestation or the destruction of wildlife habitat
  2. Do not clear high carbon stock forests
  3. Do not contribute to peat land expansion
  4. Operate in compliance with local laws and regulations

The goal of these requirements is to identify palm oil producers that are engaging in unsustainable practices, work with suppliers to remediate these actions and, if necessary, remove these producers from Hershey's supply chain.

In November, Hershey's palm oil sourcing efforts were recognized in the World Wildlife Fund's 2013 Palm Oil Buyers Scorecard, where Hershey scored 10 out of a possible 12 points with 12 being the highest score.

About The Hershey Company

The Hershey Company (NYSE: HSY) is the largest producer of quality chocolate in North America and a global leader in chocolate and sugar confectionery. Headquartered in Hershey, Pa., The Hershey Company has operations throughout the world and approximately 14,000 employees. With revenues of more than $6.6 billion, Hershey offers confectionery products under more than 80 brand names, including such iconic brands as Hershey's, Reese's, Hershey's Kisses, Hershey's Bliss, Hershey's Special Dark, Kit Kat, Twizzlers, Jolly Rancher and Ice Breakers. The company is focused on growing its presence in key international markets such as China, Mexico and Brazil while continuing to build its competitive advantage in the United States and Canada.

For more than 100 years, The Hershey Company has been a leader in making a positive difference in the communities where its employees live, work and do business. Corporate Social Responsibility is an integral part of the company's global business strategy, which includes goals and priorities focused on fair and ethical business dealings, environmental stewardship, fostering a desirable workplace for employees, and positively impacting society and local communities. Milton Hershey School, established in 1909 by the company's founder and funded by a trust administered by Hershey Trust Company, provides a quality education, housing, and medical care at no cost to children in social and financial need. Students of Milton Hershey School are direct beneficiaries of The Hershey Company's success.

The Hershey Company
Jeff Beckman, 717-534-8090
jbeckman@hersheys.com


© Business Wire 2013
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Financials (USD)
Sales 2020 7 985 M - -
Net income 2020 1 204 M - -
Net Debt 2020 3 725 M - -
P/E ratio 2020 24,0x
Yield 2020 2,38%
Capitalization 28 223 M 28 223 M -
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EV / Sales 2020 4,00x
Nbr of Employees 15 330
Free-Float 66,4%
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Michele G. Buck Chairman, President & Chief Executive Officer
Steven E. Voskuil Senior VP, Chief Financial & Accounting Officer
William C. Papa Chief Research & Development Officer, Senior VP
Charles Arthur Davis Independent Director
David Lloyd Shedlarz Independent Director
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