19 April 2019

Hershey to buy 80% of Shanghai Golden Monkey Food, paper says

US chocolate and candy maker Hershey says it will buy an 80 percent stake in confectioner Shanghai Golden Monkey Food Co. Ltd. for an undisclosed sum, Shanghai Daily reported Thursday, citing a joint statement by the two companies. The acquisition is expected to be completed in the second quarter of next year and is subject to regulatory approval. Hershey said it plans to build on Shanghai Golden Monkey’s brand and diverse product portfolio to boost sales in the country. The American company opened an “innovation center” in Shanghai earlier this year to help tap Asia’s growing demand and cater to different local tastes, the report said.

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