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Hershey creates division to focus on snacks.
By Aparna Kumar, The Patriot-News, Harrisburg, Pa. Knight Ridder/Tribune Business News
Mar. 1--Craving more than chocolate sales, Hershey Foods Corp. Monday said it has formed a new division to focus on snacks beyond the candy aisle.
The company said it has formed two business groups -- one to strengthen its position in candy and another to "expand its presence in the broader snacks market."
Thomas K. Hernquist, the company's senior vice president and chief marketing officer, will head up the U.S. confectionery group. Hernquist was not available for comment Monday.
A search is under way for a president of the snacks business.
The company did not elaborate on what "broader snacks" could be, but Hershey's spokeswoman Stephanie Moritz pointed to recent product additions as an indication of where the company might be heading. They include SmartZone nutrition bars, a line of single-serving cookies, and Snack Barz, which is a crisped rice and marshmallow bar.
Hershey's board has asked stockholders to approve a doubling of its authorized shares. That move could allow Hershey to raise funds to acquire a competitor, but the company said it has no immediate plans to do so.
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