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Hershey Co. invests in growth through $240M stock purchase
Paula Wolf//February 16, 2023
The Hershey Co. announced that it has completed the purchase of 1 million shares of its common stock from Hershey Trust Co., 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,” Steve Voskuil, chief financial officer for The Hershey Co., said in a release. “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.”
The global confectioner has approximately 19,000 employees worldwide and more than 100 brand names in approximately 80 countries that drive more than $8.9 billion in annual revenues, including such brands 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.
Paula Wolf is a freelance writer
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