Hershey hits sweet spot with deal for China confectionery Golden Monkey
<p><span word="Download">Download</span></p><p><span word="The">The</span> <span word="Hershey">Hershey</span> <span word="Co">Co</span>, <span word="North">North</span> <span word="America">America</span>'<span word="s">s</span> <span word="largest">largest</span> <span word="quality">quality</span> <span word="chocolate">chocolate</span> <span word="producer">producer</span>, <span word="has">has</span> <span word="announced">announced</span> <span word="plans">plans</span> <span word="to">to</span> <span word="acquire">acquire</span> 80 <span word="percent">percent</span> <span word="of">of</span> <span word="snack">snack</span> <span word="producer">producer</span> <span word="Shanghai">Shanghai</span> <span word="Golden">Golden</span> <span word="Monkey">Monkey</span> <span word="Food">Food</span> <span word="Joint">Joint</span> <span word="Stock">Stock</span> <span word="Co">Co</span>.</p><p><span word="The">The</span> <span word="acquisition">acquisition</span> <span word="will">will</span> <span word="be">be</span> <span word="done">done</span> <span word="through">through</span> <span word="Hershey">Hershey</span> <span word="Netherlands">Netherlands</span> <span word="BV">BV</span>, <span word="a">a</span> <span word="wholly">wholly</span> <span word="owned">owned</span> <span word="subsidiary">subsidiary</span>. <span word="It">It</span>'<span word="s">s</span> <span word="expected">expected</span> <span word="to">to</span> <span word="be">be</span> <span word="completed">completed</span> <span word="in">in</span> <span word="the">the</span> <span word="second">second</span> <span word="quarter">quarter</span> <span word="of">of</span> <span word="next">next</span> <span word="year">year</span>, <span word="subject">subject</span> <span word="to">to</span> <span word="approval">approval</span> <span word="from">from</span> <span word="Chinese">Chinese</span> <span word="regulators">regulators</span> <span word="and">and</span> <span word="shareholders">shareholders</span>.</p><p><span word="Terms">Terms</span> <span word="of">of</span> <span word="the">the</span> <span word="transaction">transaction</span> <span word="weren">weren</span>'<span word="t">t</span> <span word="disclosed">disclosed</span>, <span word="but">but</span> <span word="Hershey">Hershey</span> <span word="said">said</span> <span word="it">it</span> <span word="will">will</span> <span word="make">make</span> <span word="a">a</span> <span word="cash">cash</span> <span word="payment">payment</span> <span word="for">for</span> <span word="the">the</span> <span word="stake">stake</span>. <span word="Golden">Golden</span> <span word="Monkey">Monkey</span> (<span word="SGM">SGM</span>) <span word="will">will</span> <span word="operate">operate</span> <span word="as">as</span> <span word="a">a</span> <span word="stand">stand</span>-<span word="alone">alone</span> <span word="business">business</span>, <span word="and">and</span> <span word="its">its</span> <span word="senior">senior</span> <span word="management">management</span> <span word="team">team</span> <span word="members">members</span> <span word="will">will</span> <span word="retain">retain</span> <span word="their">their</span> <span word="roles">roles</span>.</p><p>"<span word="SGM">SGM</span> <span word="is">is</span> <span word="the">the</span> <span word="type">type</span> <span word="of">of</span> <span word="business">business</span> <span word="we">we</span>'<span word="ve">ve</span> <span word="been">been</span> <span word="focusing">focusing</span> <span word="on">on</span> <span word="for">for</span> <span word="potential">potential</span> <span word="M">M</span>&<span word="A">A</span>. <span word="It">It</span> <span word="fits">fits</span> <span word="Hershey">Hershey</span>'<span word="s">s</span> <span word="acquisition">acquisition</span> <span word="criteria">criteria</span>: <span word="It">It</span> <span word="is">is</span> <span word="located">located</span> <span word="in">in</span> <span word="our">our</span> <span word="primary">primary</span> <span word="international">international</span> <span word="market">market</span>, <span word="China">China</span>; <span word="it">it</span> <span word="is">is</span> <span word="a">a</span> <span word="pure">pure</span> <span word="play">play</span> <span word="confectionery">confectionery</span> <span word="and">and</span> <span word="snacks">snacks</span> <span word="company">company</span>; <span word="and">and</span> <span word="it">it</span> <span word="has">has</span> <span word="distribution">distribution</span> <span word="into">into</span> <span word="channels">channels</span> <span word="where">where</span> <span word="Hershey">Hershey</span> <span word="products">products</span> <span word="have">have</span> <span word="yet">yet</span> <span word="to">to</span> <span word="penetrate">penetrate</span>," <span word="said">said</span> <span word="Humberto">Humberto</span> <span word="Alfonso">Alfonso</span>, <span word="president">president</span> <span word="of">of</span> <span word="international">international</span> <span word="operations">operations</span> <span word="at">at</span> <span word="Hershey">Hershey</span>.</p><p>"<span word="Additionally">Additionally</span>, <span word="the">the</span> <span word="company">company</span> <span word="has">has</span> <span word="a">a</span> <span word="strong">strong</span> <span word="history">history</span> <span word="of">of</span> <span word="innovation">innovation</span> <span word="and">and</span> <span word="product">product</span> <span word="quality">quality</span> <span word="as">as</span> <span word="evidenced">evidenced</span> <span word="by">by</span> <span word="the">the</span> <span word="outstanding">outstanding</span> <span word="reputation">reputation</span> <span word="of">of</span> <span word="its">its</span> <span word="core">core</span> <span word="brand">brand</span>, <span word="Golden">Golden</span> <span word="Monkey">Monkey</span>, <span word="which">which</span> <span word="has">has</span> <span word="been">been</span> <span word="nationally">nationally</span> <span word="recognized">recognized</span> <span word="as">as</span> <span word="one">one</span> <span word="of">of</span> <span word="China">China</span>'<span word="s">s</span> <span word="most">most</span> <span word="iconic">iconic</span> <span word="brands">brands</span>.”</p><p><span word="Rumors">Rumors</span> <span word="of">of</span> <span word="the">the</span> <span word="acquisition">acquisition</span> <span word="began">began</span> <span word="to">to</span> <span word="circulate">circulate</span> <span word="about">about</span> <span word="one">one</span> <span word="year">year</span> <span word="ago">ago</span>.</p><p><span word="Zhao">Zhao</span> <span word="Qisan">Qisan</span>, <span word="founder">founder</span>, <span word="chairman">chairman</span> <span word="and">and</span> <span word="general">general</span> <span word="manager">manager</span> <span word="of">of</span> <span word="SGM">SGM</span>, <span word="said">said</span>, "<span word="Hershey">Hershey</span> <span word="and">and</span> <span word="SGM">SGM</span> <span word="have">have</span> <span word="similar">similar</span> <span word="cultures">cultures</span> <span word="and">and</span> <span word="strategies">strategies</span> <span word="related">related</span> <span word="to">to</span> <span word="the">the</span> <span word="building">building</span> <span word="and">and</span> <span word="selling">selling</span> <span word="of">of</span> <span word="brands">brands</span>, <span word="and">and</span> <span word="we">we</span>'<span word="re">re</span> <span word="pleased">pleased</span> <span word="that">that</span> <span word="a">a</span> <span word="company">company</span> <span word="of">of</span> <span word="Hershey">Hershey</span>'<span word="s">s</span> <span word="stature">stature</span> <span word="sees">sees</span> <span word="the">the</span> <span word="potential">potential</span> <span word="in">in</span> <span word="our">our</span> <span word="great">great</span> <span word="company">company</span>.”</p>
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