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Tuesday, June 15, 2010

Hershey Modernizes, Tells Workers to Hit the Highway


Hershey said late Monday it is planning $250 million to $350 million in capital investments to improve and expand its facilities, while at the same time cutting 500 to 600 jobs as part of its overhaul.

Hershey said it will expand its West Hershey facility to takeover production from its 100-year-old plant at 19 East Chocolate Avenue. The job cuts will be the result of improved efficiency in production. Hershey will also make improvements at an administrative and distribution facility in Hershey.

Hershey said the project, which it calls its Next Century program, will incur charges of $140 million to $170 million over the next three years.

As of 2014, ongoing annual savings will total $60 million to $80 million.

Hershey also said it is looking for 2010 net sales to rise 6%-7%, with earnings per share for the full year of $2.31 to $2.38, including $0.14 to $0.16 in charges per share.

The candy maker competes with Krafts Cadbury, privately held Mars and Switzerlands Nestle.

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