HERSHEY, Pa., Aug. 23, 2017 (GLOBE NEWSWIRE) -- The Hershey Company (NYSE:HSY) announced today that it has agreed to purchase 1,500,000 shares of its common stock from Hershey Trust Company, as Trustee for the Milton Hershey School Trust, for approximately $159 million, or $106 per share.
"This share buyback reflects our confidence in Hershey's marketplace position, long-term growth potential and strong operating cash flow generation,” said Michele Buck, President and Chief Executive Officer, The Hershey Company. “Participating at this level is consistent with our capital allocation priorities and gives Hershey continued flexibility to invest in our brands and in the capabilities that give us a competitive edge at retail and with consumers. Our solid financial profile and strong operating cash flow give us many options to grow our business and create value for our stockholders.”
About The Hershey Company
The Hershey Company, headquartered in Hershey, Pa., is a global confectionery company known for bringing goodness to the world through its chocolate, sweets, mints and other great-tasting snacks. Hershey has approximately 18,000 employees around the world who work every day to deliver delicious, quality products. The company has more than 80 brands around the world that drive more than $7.4 billion in annual revenues, including such iconic brand names as Hershey's, Reese's, Hershey's Kisses, Jolly Rancher and Ice Breakers. Building on its core business, Hershey is expanding its portfolio to include a broader range of delicious snacks.
At Hershey, goodness has always been about more than delicious products. For more than 120 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 giving underserved children the skills and support they need to be successful. Today, the company continues this social purpose through 'Nourishing Minds,' a global initiative that provides basic nutrition to help children learn and grow. From neighborhoods across the United States to the streets of Shanghai and Mumbai and villages of West Africa, our goal is to nourish one million minds by 2020.