Hershey Company - 2009

Case Notes Prepared by: Dr. Mernoush Banton Case Author: Anne Walsh and Ellen Mansfield

A.

Case Abstract

Hershey Company (www.hersheys.com) is a comprehensive strategic management case that includes the companys calendar December 31, 2008 financial statements, competitor information and more. The case time setting is the year 2009. Sufficient internal and external data are provided to enable students to evaluate current strategies and recommend a three-year strategic plan for the company. Headquartered in Hershey, Pennsylvania, Hershey Company is traded on the New York Stock Exchange under ticker symbol HSY.

B.

Vision Statement (Proposed)

To be the world leading company of confectionary and other related products by bringing innovative and sweet products to our customers.

C.

Mission Statement (Actual)

The mission of the Hershey Company is Bringing sweet moments of Hershey happiness to the world every day (3) To our stakeholders, this means: Consumers: Delivering quality consumer driven confectionery experiences for all occasions. (1, 2) Employees: Winning with an aligned and empowered organization while having fun. (9) Business Partners: Building collaborative relationships for profitable growth with our customers, suppliers, and partners. (4, 5) Shareholders: Creating sustainable value. (8) Communities: Honoring our heritage through continued commitment to making a positive difference. (6, 7) 1. 2. 3. 4. 5. 6. 7. 8. 9. Customer Products or services Markets Technology Concern for survival, profitability, growth Philosophy Self-concept Concern for public image Concern for employees

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D.

External Audit

CPM Competitive Profile Matrix

Hershey
Critical Success Factors Weigh t Ratin g Weighte d Score

Nestle
Ratin g Weighte d Score

Cadbury
Ratin g Weighte d Score Ratin g

Mars
Weighted Score

Price competitiveness Global Expansion Organizational Structure Employee Morale Technology Product Safety Customer Loyalty Market Share Advertising Product Quality Product Image Financial Position Total

0.14 0.08 0.02 0.03 0.08 0.11 0.10 0.08 0.09 0.10 0.11 0.06 1.00

2 2 3 3 3 2 4 1 2 3 4 3

0.28 0.16 0.06 0.09 0.24 0.22 0.40 0.08 0.18 0.30 0.44 0.18 2.63

1 4 2 2 3 1 2 2 3 2 3 4

0.14 0.32 0.04 0.06 0.24 0.11 0.20 0.16 0.27 0.20 0.33 0.24 2.31

3 1 1 1 1 4 1 4 1 4 1 1

0.42 0.08 0.02 0.03 0.08 0.44 0.10 0.32 0.09 0.40 0.11 0.06 2.15

4 3 4 4 4 3 3 4 4 1 2 2

0.56 0.24 0.08 0.12 0.32 0.33 0.30 0.32 0.36 0.10 0.22 0.12 3.07

Opportunities
1.

The global market is valued at approximately $107.4 billion by 2010 2. Chocolate accounts for 55.8 percent of the markets overall global value 3. There has been many mergers and acquisitions in the confectionery industry 4. Organic foods products are one of the fastest growing sectors in the United States with a projected value of $26.3 billion by 2011 5. The major 50 firms in the industry control less than 40 percent of the market 6. The confectionery industry is fragmented with consumer tastes that drive the diverse demand for products in the industry which range from gums and jelly beans to chocolate products 7. Due to products price point, the recession does not impact confectionery products drastically Threats

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1. Obesity is increasing drastically and consumers have become more health conscious 2. Consumers are becoming more aware of the nutritional value of the ingredients in products they are purchasing 3. More consumers are demanding to organic and nonadulterated products 4. Wholesale sugar prices in the U.S. were up more than 70 percent in the first eight months of 2009, reaching a near 30-year high of 22.21 cents a pound. 5. It is expected that that international wholesale sugar prices may reach 40 cents a pound 6. Due to high unemployment, many consumers are cutting back in buying items that are not a necessity 7. Increase in fuel cost could impact the distribution and shipping costs External Factor Evaluation (EFE) Matrix

Key External Factors

Opportunities
1. The global market is valued at approximately

Weight

Rating

Weighted Score

0.08 0.09 0.05 0.1

4 3 3 3

0.32 0.27 0.15 0.3

$107.4 billion by 2010

2. Chocolate accounts for 55.8 percent of the

market's overall global value

3. There has been many mergers and

acquisitions in the confectionery industry

4. Organic foods products are one of the fastest

growing sectors in the United States with a projected value of $26.3 billion by 2011 5. The major 50 firms in the industry control less than 40 percent of the market
6. The confectionery industry is fragmented with

0.06 0.06

3 3

0.18 0.18

consumer tastes that drive the diverse demand for products in the industry which range from gums and jelly beans to chocolate products 7. Due to product's price point, the recession does not impact confectionery products drastically

0.08

0.32

Threats
1. Obesity is increasing drastically and 0.09 2 0.18

consumers have become more health conscious 2. Consumers are becoming more aware of the nutritional value of the ingredients in products

0.08

0.16

Copyright 2011 Pearson Education, Inc. publishing as Prentice Hall.

they are purchasing 3. More consumers are demanding to organic and nonadulterated products
4. Wholesale sugar prices in the U.S. were up

0.07 0.07

2 2

0.14 0.14

more than 70 percent in the first eight months of 2009, reaching a near 30-year high of 22.21 cents a pound. 5. It is expected that that international wholesale sugar prices may reach 40 cents a pound
6. Due to high unemployment, many consumers

0.06 0.05

1 3

0.06 0.15

are cutting back in buying items that are not a necessity 7. Increase in fuel cost could impact the distribution and shipping costs

0.06 1.00

0.12 2.67

Total

Positioning Map
Price (High)

Mars Nestle Hershey Company

Brand Loyalty (Low)

Cadbury

Brand Loyalty (High)

Price (Low)

E.

Internal Audit
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Strengths 1. Hersheys organic line includes Dagoba Organic, a company with a strong product line of high-quality organic chocolates and baking products that are sold via natural food and gourmet stores 2. Hershey continues to appeal to consumers with its premium line of dark chocolates that promote the antioxidant benefits of flavonoids 3. Largest producer of chocolate in North America 4. Reported second quarter 2009 sales up 5.9 percent to $1.17 billion and profit of $71.3 million on July 23, the fourth strong quarter in a row for the company 5. The company plans to close their online gift business which featured seasonal products and gifts that could be personalized by the consumer 6. Hershey is actively involved in organizations such as the World Cocoa Foundation, which supports environmental projects that include non chemical pest, management practices, and which encourage sustainable farming practices to support ecosystems in the region. 7. Changes in product packaging have resulted in lighter materials and less waste during the manufacturing process 8. Due to global supply initiatives, the company projects a reduction of 1,500 positions over the next three-year period 9. Hershey recently closed their Reading, Pennsylvania, plant in 2009, eliminating 300 jobs Weaknesses 1. Advertising expenses for the quarter increased by 46 percent as the company continued to promote iconic brands such as the Hershey Kiss and Reeses products 2. Some of Hersheys premium products of have faltered lately as customers switched to lower price products 3. The company plans to discontinue their Cacao Reserve brand as well as their Starbucks chocolate partnership 4. Total charges to Hersheys Global Supply Transformation Program have been forecasted downward from $665 million to $640 million 5. Hershey projects a net sales growth of 2 to 3 percent in 2009 due to a decline in core brand sales as well as unfavorable currency exchange rates 6. The companys long-term debt increased from $1,279,965 in 2007 to $1,505,954 in 2008 7. Hersheys other assets declined to $151,561 in 2008 from $540,249 in 2007 Financial Ratio Analysis (December 2009)

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Growth Rates %

Hershey

Industry

S&P 500

Sales (Qtr vs year ago qtr) Net Income (YTD vs YTD) Net Income (Qtr vs year ago qtr) Sales (5-Year Annual Avg.) Net Income (5-Year Annual Avg.) Dividends (5-Year Annual Avg.)
Price Ratios

-0.40 34.90 30.10 4.23 -7.07 10.49

Hershey

34.10 -18.20 23.10 -0.65 -2.54 1.66

Industry

-4.80 -6.00 26.80 12.99 12.69 11.83

S&P 500

Current P/E Ratio P/E Ratio 5-Year High P/E Ratio 5-Year Low Price/Sales Ratio Price/Book Value Price/Cash Flow Ratio
Profit Margins %

20.9 NA NA 1.55 13.65 13.80

Hershey

35.3 12.3 4.5 1.78 5.97 19.00

Industry

26.7 16.6 2.6 2.25 3.48 13.70

S&P 500

Gross Margin Pre-Tax Margin Net Profit Margin 5Yr Gross Margin (5-Year Avg.) 5Yr PreTax Margin (5-Year Avg.) 5Yr Net Profit Margin (5-Year Avg.)
Financial Condition

37.6 11.6 7.4 36.5 13.5 8.9

Hershey

20.6 7.6 5.5 41.5 9.6 7.0

Industry

38.9 10.3 7.1 38.6 16.6 11.5

S&P 500

Debt/Equity Ratio Current Ratio Quick Ratio Interest Coverage Leverage Ratio Book Value/Share
Adapted from www.moneycentral.msn.com

2.93 1.3 0.8 7.5 6.3 2.62

1.33 1.2 0.8 4.7 3.6 10.42

1.09 1.5 1.3 23.7 3.4 21.63

Net Profit Margin (%)

Avg P/E

Price/ Sales

Price/ Book

12/08 12/07 12/06 12/05 12/04

26.90 52.30 22.70 30.40 20.50

1.55 1.84 2.41 2.85 3.23

24.79 15.09 16.78 13.07 12.04

6.1 4.3 11.3 10.1 13.0

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12/03 12/02 12/01 12/00 12/08

20.70 23.10 41.90 20.30 26.90

Debt/ Equity

2.44 2.25 2.25 2.33 1.55

Return on Equity (%)

7.79 6.60 8.00 7.47 24.79

Return on Assets (%)

10.8 9.8 5.0 8.8 6.1

Interest Coverage

Book Value/ Share

12/08 12/07 12/06 12/05 12/04 12/03 12/02 12/01 12/00 12/08

$1.40 $2.61 $2.97 $4.23 $4.61 $4.94 $5.11 $4.23 $4.31 $1.40

6.31 3.60 3.06 1.73 1.15 0.77 0.64 0.77 0.97 6.31

97.9 36.1 81.8 48.1 50.5 35.1 29.4 18.1 28.5 97.9

8.6 5.0 13.4 11.5 15.1 12.5 11.6 6.4 9.7 8.6

5.9 3.8 8.4 9.5 12.9 11.8 10.8 5.8 7.7 5.9

Adapted from www.moneycentral.msn.com

Internal Factor Evaluation (IFE) Matrix

Key Internal Factors
Strengths 1. Hershey's organic line includes Dagoba
Organic, a company with a strong product line of high-quality organic chocolates and baking products that are sold via natural food and gourmet stores 2. Hershey continues to appeal to consumers with its premium line of dark chocolates that promote the antioxidant benefits of flavonoids 3. Largest producer of chocolate in North America
Weight Rating Weighted Score

0.08

0.32

0.07

0.28

0.04 0.08

4 4

0.16 0.32

4. Reported second quarter 2009 sales up 5.9

percent to $1.17 billion and profit of $71.3 million on July 23, the fourth strong quarter in a row for the company 5. The company plans to close their online gift business which featured seasonal products and gifts that could be personalized by the consumer

0.08

0.24

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6. Hershey is actively involved in organizations

such as the World Cocoa Foundation Cocoa Foundation, which supports environmental projects that include non chemical pest, management practices, and which encourage sustainable farming practices to support ecosystems in the region. 7. Changes in product packaging have resulted in lighter materials and less waste during the manufacturing process 8. Due to global supply initiatives, the company projects a reduction of 1,500 positions over the next three-year period 9. Hershey recently closed their Reading, Pennsylvania, plant in 2009, eliminating 300 jobs

0.04

0.12

0.03

0.09

0.07

0.28

0.05

0.15

Weaknesses 1. Advertising expenses for the quarter

increased by 46 percent as the company continued to promote iconic brands such as the Hershey Kiss and Reese's products Some of Hershey's premium products of have faltered lately as customers switched to lower price products The company plans to discontinue their Cacao Reserve brand as well as their Starbucks chocolate partnership Total charges to Hershey's Global Supply Transformation Program have been forecasted downward from $665 million to $640 million Hershey projects a net sales growth of 2 to 3 percent in 2009 due to a decline in core brand sales as well as unfavorable currency exchange rates The company's long-term debt increased from $1,279,965 in 2007 to $1,505,954 in 2008 in 2008 from $540,249 in 2007
0.07 1 0.07

2. 3. 4.

0.08

0.08

0.05

0.1

0.05

0.1

5.

0.05

0.05

6.

0.08 0.08 1.00

1 1

0.08 0.08 2.52

7. Hershey's other assets declined to $151,561

Total

SWOT Strategies

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Strengths

Weaknesses

1. Hersheys organic line includes Dagoba Organic, a company with a strong product line of high-quality organic chocolates and baking products that are sold via natural food and gourmet stores 2. Hershey continues to appeal to consumers with its premium line of dark chocolates that promote the antioxidant benefits of flavonoids 3. Largest producer of chocolate in North America 4. Reported second quarter 2009 sales up 5.9 percent to $1.17 billion and profit of $71.3 million on July 23, the fourth strong quarter in a row for the company 5. The company plans to close their online gift business which featured seasonal products and gifts that could be personalized by the consumer 6. Hershey is actively involved in organizations such as the World Cocoa Foundation, which supports environmental projects that include non chemical pest, management practices, and which encourage sustainable farming practices to support

1. Advertising expenses for the quarter increased by 46 percent as the company continued to promote iconic brands such as the Hershey Kiss and Reeses products 2. Some of Hersheys premium products of have faltered lately as customers switched to lower price products 3. The company plans to discontinue their Cacao Reserve brand as well as their Starbucks chocolate partnership 4. Total charges to Hersheys Global Supply Transformation Program have been forecasted downward from $665 million to $640 million 5. Hershey projects a net sales growth of 2 to 3 percent in 2009 due to a decline in core brand sales as well as unfavorable currency exchange rates 6. The companys longterm debt increased from $1,279,965 in 2007 to $1,505,954 in 2008 7. Hersheys other assets declined to $151,561 in 2008 from $540,249 in 2007

Copyright 2011 Pearson Education, Inc. publishing as Prentice Hall.

ecosystems in the region. 7. Changes in product packaging have resulted in lighter materials and less waste during the manufacturing process 8. Due to global supply initiatives, the company projects a reduction of 1,500 positions over the next three-year period 9. Hershey recently closed their Reading, Pennsylvania, plant in 2009, eliminating 300 jobs
Opportunities S-O Strategies W-O Strategies

1. The global market is 1. Partner with other valued at approximately intermediaries for $107.4 billion by 2010 including Hersheys 2. Chocolate accounts for products in their gift 55.8 percent of the baskets (S2, S3, O1, markets overall global O2, O6) value 2. Develop and introduce 3. There has been many additional organic mergers and products (S1, S2, O4, acquisitions in the O6) confectionery industry 4. Organic foods products 3. Develop new dietary chocolate for individuals are one of the fastest who would like to lose growing sectors in the weight or are diabetics United States with a (S1, S2, S3, O4, O6) projected value of $26.3 billion by 2011 5. The major 50 firms in the industry control less than 40 percent of the market 6. The confectionery industry is fragmented with consumer tastes that drive the diverse demand for products in the industry which range

1. Close additional plants and lay off more employees in areas where the products are not selling (W2, W3, O2, O7) 2. Sell off some of the Treasury Stocks and use the cash to produce healthier products (W7, O3, O6, O7)

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from gums and jelly beans to chocolate products 7. Due to products price point, the recession does not impact confectionery products drastically
Threats S-T Strategies W-T Strategies

1. Obesity is increasing 1. Advertise the organic drastically and products more in the US consumers have by disclosing the become more health ingredients and conscious educating the 2. Consumers are consumers (S1, S2, T1, becoming more aware T2, T3) of the nutritional value of 2. Hedge or use forward the ingredients in contracts to lock the products they are price of future sugar purchasing purchases (S3, S4, T4, 3. More consumers are T5) demanding to organic and nonadulterated products 4. Wholesale sugar prices in the U.S. were up more than 70 percent in the first eight months of 2009, reaching a near 30-year high of 22.21 cents a pound. 5. It is expected that that international wholesale sugar prices may reach 40 cents a pound 6. Due to high unemployment, many consumers are cutting back in buying items that are not a necessity 7. Increase in fuel cost could impact the distribution and shipping costs

1. Create a joint venture with an international marketing company to increase international market share (W1, W5, W6, W7, T6) 2. Improve the companys web site by offering more recipes using Hersheys low sugar content products (W2, W5, T1, T2, T3)

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Copyright 2011 Pearson Education, Inc. publishing as Prentice Hall.

G.

SPACE Matrix FS
Conservative
7 6 5 4 3 2 1

Aggressive

CS

IS
-7 -6 -5 -4 -3 -2 -1 -1 -2 -3 -4 -5 -6 1 2 3 4 5 6 7

Defensive

-7

Competitive

ES

Financial Stability (FS) Return on Investment Leverage Liquidity Working Capital Cash Flow Financial Stability (FS) Average Competitive Stability (CS) Market Share Product Quality Customer Loyalty Competitions Capacity Utilization

2 2 5 5 5

Environmental Stability (ES) Unemployment Technological Changes Price Elasticity of Demand Competitive Pressure Barriers to Entry Environmental Stability (ES) Average Industry Stability (IS) Growth Potential Financial Stability Ease of Market Entry Resource Utilization

-5 -3 -1 -4 -4

-2 -2 -2 -3

4 3 3 3

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Technological Know-How Competitive Stability (CS) Average Y-axis: FS + ES = 3.8 + (-3.4) = 0.4 X-axis: CS + IS = (-2.4) + (3.2) = 0.8

-3

Profit Potential Industry Stability (IS) Average

H.

Grand Strategy Matrix

Rapid Market Growth Quadrant II Quadrant I

Weak Competitive Position

Strong Competitive Position

Quadrant III

Slow Market Growth

Quadrant IV

1. Market development 2. Market penetration 3. Product development 4. Forward integration 5. Backward integration 6. Horizontal integration 7. Related diversification

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I.

The Internal-External (IE) Matrix

The IFE Total Weighted Score Strong 3.0 to 4.0 I Average 2.0 to 2.99 II Weak 1.0 to 1.99 III

High 3.0 to 3.99

IV

IV

VI

The EFE Total Weighted Score

Medium 2.0 to 2.99

Hershey Company

VII

VIII

IX

Low 1.0 to 1.99

J.

QSPM
Develop new dietary chocolate for individuals who would like to lose weight or are diabetics AS TAS 4 0.32 Partner with other intermediaries for including Hersheys products in their gift baskets AS TAS 3 0.24

Key Factors Opportunities 1. The global market is valued at approximately

Weight
0.08

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$107.4 billion by 2010 2. Chocolate accounts for 55.8 percent of the market's overall global value 3. There has been many mergers and acquisitions in the confectionery industry 4. Organic foods products are one of the fastest growing sectors in the United States with a projected value of $26.3 billion by 2011 5. The major 50 firms in the industry control less than 40 percent of the market 6. The confectionery industry is fragmented with consumer tastes that drive the diverse demand for products in the industry which range from gums and jelly beans to chocolate products 7. Due to product's price point, the recession does not impact confectionery products drastically Threats 1. Obesity is increasing drastically and consumers have become more health conscious 2. Consumers are becoming more aware of the nutritional value of the ingredients in products they are purchasing 3. More consumers are demanding to organic and nonadulterated products 4. Wholesale sugar prices in the U.S. were up more than 70 percent in the first eight months of 2009, reaching a near 30-year high of 22.21 cents a pound. 5. It is expected that that international wholesale sugar prices may reach 40 cents a pound 6. Due to high unemployment, many consumers are cutting back in buying items that are not a necessity 7. Increase in fuel cost could impact the distribution and shipping costs TOTAL Strengths 1. Hershey's organic line includes Dagoba Organic, a company with a strong product line of high-quality organic chocolates and baking products that are sold via natural food and gourmet stores 2. Hershey continues to appeal to consumers with its premium line of dark chocolates that promote the antioxidant benefits of flavonoids

0.09 0.05 0.1

--3 4 --4

--0.15 0.4 --0.24

--4 2 --3

--0.2 0.2 --0.18

0.06 0.06

0.08

---

---

---

---

0.09

4 3 4 3

0.36 0.24 0.28 0.21

1 2 3 2

0.09 0.16 0.21 0.14

0.08

0.07 0.07

0.06 0.05

2 --1

0.12 --0.06 2.38

1 --4

0.06 --0.24 1.72

0.06

1.00
0.08

0.32

0.24

0.07

0.21

0.07

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3. Largest producer of chocolate in North

America

0.04 0.08

2 ---

0.08 ---

4 ---

0.16 ---

4. Reported second quarter 2009 sales up 5.9

percent to $1.17 billion and profit of $71.3 million on July 23, the fourth strong quarter in a row for the company 5. The company plans to close their online gift business which featured seasonal products and gifts that could be personalized by the consumer 6. Hershey is actively involved in organizations such as the World Cocoa Foundation, which supports environmental projects that include non chemical pest, management practices, and which encourage sustainable farming practices to support ecosystems in the region. 7. Changes in product packaging have resulted in lighter materials and less waste during the manufacturing process 8. Due to global supply initiatives, the company projects a reduction of 1,500 positions over the next three-year period 9. Hershey recently closed their Reading, Pennsylvania, plant in 2009, eliminating 300 jobs Weaknesses 1. Advertising expenses for the quarter increased by 46 percent as the company continued to promote iconic brands such as the Hershey Kiss and Reese's products 2. Some of Hershey's premium products of have faltered lately as customers switched to lower price products 3. The company plans to discontinue their Cacao Reserve brand as well as their Starbucks chocolate partnership 4. Total charges to Hershey's Global Supply Transformation Program have been forecasted downward from $665 million to $640 million 5. Hershey projects a net sales growth of 2 to 3 percent in 2009 due to a decline in core brand sales as well as unfavorable currency exchange rates 6. The company's long-term debt increased from $1,279,965 in 2007 to $1,505,954 in 2008 7. Hershey's other assets declined to $151,561

0.08

---

---

---

---

0.04

---

---

---

---

0.03

1 -----

0.03 -----

4 -----

0.16 -----

0.07

0.05

0.07

---

---

---

---

0.08

1 -----

0.08 -----

3 -----

0.24 -----

0.05

0.05

0.05

0.05

0.15

0.08

1 1

0.08 0.08

4 4

0.32 0.32

0.08

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in 2008 from $540,249 in 2007 SUBTOTAL SUM TOTAL ATTRACTIVENESS SCORE

1.00

0.97 3.35

1.78 3.50

K.

Recommendations

Form more partnership with intermediaries such as 1-800-Flowers or WineCountryGiftBasket.com or similar to offer Hersheys products as complementary or exclusively, packaged with the companys existing products. The products should be shipped in bulk and in high volume in order to reduce shipping charges and handling fees.

EPS/EBIT Analysis
$ Amount Needed: $50 million Stock Price: $35.95 Tax Rate: 36.7% Interest Rate: 6% # Shares Outstanding: 8.18 billion
Common Stock Financing Recession Normal Boom $500,000,000 $800,000,000 $1,000,000,000 0 0 0 500,000,000 800,000,000 1,000,000,000 185,000,000 296,000,000 370,000,000 315,000,000 504,000,000 630,000,000 8,193,908,206 8,193,908,206 8,193,908,206 0.04 0.06 0.08 Debt Financing Normal Boom $800,000,000 $1,000,000,000 30,000,000 30,000,000 770,000,000 970,000,000 284,900,000 358,900,000 485,100,000 611,100,000 8,180,000,000 8,180,000,000 0.06 0.07

EBIT Interest EBT Taxes EAT # Shares EPS

Recession $500,000,000 30,000,000 470,000,000 173,900,000 296,100,000 8,180,000,000 0.04 70 Percent Debt - 30 Percent Stock Recession $500,000,000 6,000,000 494,000,000 182,780,000 311,220,000 8,184,172,462 0.04

EBIT Interest EBT Taxes EAT # Shares EPS

70 Percent Stock - 30 Percent Debt Recession $500,000,000 24,000,000 476,000,000 176,120,000 299,880,000 8,189,735,744 0.04

Normal $800,000,000 24,000,000 776,000,000 287,120,000 488,880,000 8,189,735,744 0.06

Boom $1,000,000,000 24,000,000 976,000,000 361,120,000 614,880,000 8,189,735,744 0.08

Normal $800,000,000 6,000,000 794,000,000 293,780,000 500,220,000 8,184,172,462 0.06

Boom $1,000,000,000 6,000,000 994,000,000 367,780,000 626,220,000 8,184,172,462 0.08

M.

Epilogue

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Hershey Canada, Inc., a wholly owned subsidiary of The Hershey Company, and the National Hockey League made a three year exclusive partnership in Canada which unveiled the one-of-a-kind Hersheys Chocolate Stanley Cup, a milk chocolate replica of the most famous trophy in the sporting world, the Stanley Cup. The new partnership will begin with a consumer promotion to support the 2011 Bridgestone NHL Winter Classic. A recent poll published by Harris Poll revealed that Americans love Hersheys Kisses Brand Chocolates and consider it an iconic treat and one of the most recognizable brands. The product also has been a must-have for those who love to bake and use the kisses chocolate as an ingredient for making all types of cookies or baking pastries. The online destination is a one-stop-shop for baking tips, recipe exchanges and party planning advice to sweeten any get-together. With over 9,000 members, Hersheys Kisses baking enthusiasts can log-on to share delicious cookie recipes, photos, stories, party tips and more.

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