SHANGHAI - SmithStreet Director James Button shared his insights into Hershey’s acquisition in the China market on the Wall Street Journal.
Hershey's new products in China 2013 (China Daily)
The U.S. chocolate firm Hershey Co. is about to pay $498 million for Shanghai Golden Monkey Food, a Chinese candy maker, aiming to get a stronger hold in China sweet market.
Shanghai Golden Monkey Food was founded nearly 20 years ago and has been well-recognized for its iconic milk candies. Last year, it was ranked the sixth-largest chocolate company in China and it is expected to have sales of $225 million this year.
A local Chinese sweet company with a solid customer base can help Hershey to identify flavors that really work for Chinese consumers. “If you're a Western company, you look at these flavors and think, 'This could never work,' "James Button told Wall Street Journal. In this way, Hershey aims to getting a stronger hold in China, an increasingly lucrative market in the global candy industry.
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