hershey co/the (HSY) Snapshot

The Hershey Company announced the opening of its new Asia Innovation Center located in Shanghai, China. Hershey's new Asia Innovation Center, located at the Jinqiao Golden Bridge Research Park in the Pudong District of Shanghai, is a fundamental step toward accelerating the company's global growth. This new research and development (R&D) hub will enable Hershey to quickly develop, test and launch new products customized to the tastes of consumers in China and across the Asia region. The new facility in Shanghai provides a strategic gateway to the larger Asia market while enabling close collaboration with local and regional China sales, marketing and operations personnel.

The Hershey Company announced it is launching an innovative new candy brand in China called 'Lancaster(TM).' The new products will initially launch in three cities -- Wuhan, Hangzhou and Chengdu -- in June, followed by a wider distribution in 2014. The new brand marks a significant first for The Hershey Company: it's the first time the company has launched a completely new brand outside the United States in its nearly 120-year history. It is also the company's first new brand that is not a brand extension or acquisition in the past 30 years. Lancaster brand candies are carefully crafted through a proprietary Nai Bei candy-making process that requires high-quality imported milk and slow cooking. This process creates a rich, creamy flavor that represents a new candy experience for consumers in China. Lancaster products will compete with traditional candies in China's "milk candy" confection category that account for one quarter of the total candy market in China and about RMB 7.5 billion or USD 1.2 billion. The Lancaster brand's unique taste will contribute to the evolution of the premium milk candy segment which is currently showing the strongest growth in the entire category. The three specially crafted flavors -- Original Pure Nai Bei, Pure Nai Bei filled with Rich Nai Bei, and Pure Nai Bei filled with Strawberry -- will be available in three sizes: a 40-gram bag for a suggested retail price of RMB 6; a 108-gram bag for a suggested retail price of RMB 12.9; and a 228-gram bag for a suggested retail price of RMB 24.9.

The Hershey Company has announced that it will appoint Humberto Alfonso as the new president, international. Alfonso has extensive international experience and will drive business growth for all Hershey businesses outside the US and Canada, positioning the company to achieve its international growth objectives. Alfonso currently serves as Hershey's CFO and Chief Administrative Officer. The company has also announced that David W. Tacka, will become Senior Vice President, Chief Financial Officer. Tacka has held senior executive positions within the company, including Chief Accounting Officer. Michele G. Buck, currently Hershey's Chief Growth Officer, will become President, North America. In her new role, Buck's strategic focus and consumer expertise will help accelerate Hershey's growth in the US and Canada. E. Daniel Vucovich, will become Senior Vice President, Chief Commercial Officer. Vucovich's go-to-market experience and expertise will assist in the global growth of Hershey's iconic brands. Vucovich currently leads Hershey's US business. D. Michael Wege, currently Chief Commercial Officer, will become Senior Vice President, Chief Growth and Marketing Officer. Wege will lead Hershey's strategic planning, research and development, innovation, and global Hershey Experience. He will continue to drive the company's knowledge capabilities as well as Hershey's marketing initiatives and corporate brand reputation. In addition, the company has announced that Waheed Zaman will join the company as Senior Vice President, Chief Administrative Officer on April 29. Zaman will be responsible for optimizing Hershey's information technology and global shared services functions as the company expands internationally. The company has announced that these changes will be effective from May 13, 2013.