A favorite U.S. chocolate bar gets more expensive
NEW YORK What has always been one of America’s favorite chocolates has now gotten more expensive. The Hershey Co. has recently announced a price increase in wholesale prices for its domestic confectionery line.
According to Hershey, the increase in price was due to the need to control and level the increase in input costs, which include raw materials, fuel utilities and transportation. The increase in its retail products would be a helpful solution in offsetting the company’s price increases. Hershey estimated that there was a 13 percent increase on the company’s standard bar, king-size bar, 6-pack and vending lines. Hershey has also estimated that there will be approximately a 3 percent increase over Hershey’s entire domestic product line.
The price increase is said to take effect immediately, but for existing customers, Hershey has decided that during the four-week period that ends on Feb. 24, 2008, customers may order and take delivery of about eight weeks at the current prices.
As a message to its investors, the company made sure to mention that it already had established its 2008 full-year net sales and earnings per share outlook on Jan. 24, 2008. Any details or explanations regarding GAAP and non-GAAP items can be found at www.Hersheys.com.
Rafael Roman appointed New York metro region sales manager of Purple
Rafael Roman appointed New York metro region sales manager of Purple The maker of Purple antioxidant energy drink, Purple Beverage Co., this week announced the staff addition of Rafael Roman as New York Metropolitan Area regional sales manager. Roman comes to Purple after spending several years as territory manager with POM Wonderful.
At POM Wonderful, Roman handled numerous accounts, introduced new brands and packaging to accounts and supervised sales personnel.
Prior to serving at POM, Roman was distribution supervisor and business development manager at Odwalla (owned by The Coca Cola Co.).
Coca-Cola purchases 40 percent stake in Honest Tea
ATLANTA Coca-Cola and Honest Tea have completed an agreement that gives Coca-Cola about a 40 percent interest in Honest Tea, with the potential to buy the remaining shares of the company. The current deal was valued at $43 million with the right to purchase the rest of the company in three years, according to the Wall Street Journal.
Honest Tea has been around for 10 years and has produced organic beverages, which have brought it into being one of the top-ranked tea brands in the natural foods channel, according to SPINscan.
“Honest Tea is on the forefront of the rapidly growing organic beverage business, and [founder and chief executive officer] Seth Goldman and his management team have successfully anticipated and met consumer needs in this expanding category,” said Deryck van Rensburg, president and general manager of venturing and emerging brands at Coca-Cola North America. “This transaction is a superb example of our mission in venturing and emerging brands to seek out and invest in the best beverage entrepreneurs and the highest growth-potential beverages.”
One of the company’s newest products is Honest Kids, a line of low-calorie organic thirst quenchers sold in 6.75-ounce pouches, which was launched last year.