Food Business News - August 7, 2018 - 28
HERSHEY Hershey completed the divestment of its Tyrrells and Golden Monkey businesses during the quarter. announced the company would be raising the prices of some of its products. "This was a targeted approach, and it included a combination of list price increases, prize pack optimization and changes to customer terms," Ms. Buck said. "In the past, you've seen us take infrequent large actions across the entire portfolio that were largely commodity-driven. Our new pricing approach is much more precise, both in terms of magnitude and breadth. It utilizes more levers and will be more dynamic. This go-forward approach is critical in a fast-changing environment and enables us to balance market opportunity with operational complexity." On a weighted average basis, the pricing action Hershey took was about 2.5% across the total business, according to the company. The company also divested its Tyrrells and Golden Monkey businesses during the quarter. Hershey acquired the Golden Monkey business in China in 2014 for approximately $577 million. Hershey did not disclose to whom it sold the business. The Tyrrells business was a part of the Amplify Snack acquisition and featured such brands as Tyrrells, Thomas Chipman and Lisa's. It was announced in May that the Tyrrells business would be sold to the Intersnack Group, Dusseldorf, Germany, in May. Terms were not disclosed. Ms. Buck emphasized that future mergers and acquisitions remain an avenue of growth for Hershey. "We see that as an opportunity to capture more snacking occasions given our strength and core capabilities in the area of snacking," she said. In response to a follow-up question from an analyst, Ms. Buck said Hershey's M.&A. focus is in the United States. FBN Land O'Lakes names new leader ARDEN HILLS, MINN. - Beth Ford has been named president and chief executive officer of Land O'Lakes, Inc., effective Aug. 1. She succeeds Chris Policinski, who has led the company since 2005. Mr. Policinski announced his retirement in June. Ms. Ford was most Ford recently chief operating officer for Land O'Lakes Businesses, a role she assumed in December 2017. Before that, she was head of the company's Dairy Foods and Purina Animal Nutrition businesses. Ms. Ford joined Land O'Lakes in 2011 as executive vice-president of supply chain and operations. Earlier in her career, Ms. Ford was head of supply chain for International Flavors and Fragrances and held various roles at PepsiCo, Inc. FBN £r©2r}£ ÕƯËÆ ~¯¨¹¼¯¨À 9ÕV>VÀi>Ìi>CNNPCVWTCNÃ>ÛÀÞ«À`ÕVÌÜÌ ÕÌ V«ÀÃ} µÕ>ÌÞ q >` >Ì > V«iÌÌÛi «ÀVi «Ì°"ÕÀ>ÌÕÀ>ÞJGCVVTGCVGFvÕÀÃ>ÜÃ>ÛÀÞ v`Ã Ì ÀiÌ> > ÃÌ ] i>`i ÌiÝÌÕÀi >` Vi>ÕÌ viiÌ ÀÕ} ÕÌ>Û>ÀiÌÞvV`Ìð i>ÀÀi>LÕÌÕÀ>>ÌÕÀ>}Ài`iÌÃ>Ì 28 Food Business News À¨¼Àņ~¯¨ August 7, 2018