Hershey products receive price boost
HERSHEY, Pa. — Expect to see Hershey products carrying a higher price tag.
In an effort to offset input costs, the chocolate giant said it would implement a weighted average price increase of about 9.7% across its instant consumable, multipack, packaged candy and grocery lines.
"We remain committed to the higher levels of global brand support, consumer spending and investment in go-to-market capabilities communicated in February,” said David West, Hershey president and CEO. “We will work with our retail customers to ensure that the implementation of the price increase is supported with customer trade promotions and merchandising that continues to grow the category."
West added that the company still expects its full-year 2011 net sales and diluted earnings per share to reach 3% to 5% and 6% to 8%, respectively.
Peter Henry nominated to join Kraft’s board
NORTHFIELD, Ill. — Kraft Foods said its board of directors has nominated Peter Henry as its newest member.
Henry, an international economist, is dean of New York University’s Stern School of Business.
"Peter is an outstanding candidate for our board," said Kraft chairman and CEO Irene Rosenfeld. "He’s an impressive academic leader with credentials from several of the world’s top universities. His expertise in emerging markets and understanding of their role in driving growth in the global economy will be a terrific asset as we expand our presence in these regions."
In related news, Kraft announced that two current board directors, Deborah Wright and Frank Zarb, will not stand for re-election.
Shareholders will elect 11 directors for one-year terms at the company’s annual meeting of shareholders on May 24.
Hansen’s sweetens beverages with Truvia
MINNEAPOLIS — Hansen’s is introducing two beverages that tout natural, zero-calorie sweetener Truvia.
Hansen’s Natural Fruit Stix and Tea Stix offer consumers a new way to enjoy great-tasting beverages in a water-soluble powdered drink mix, the company said, adding that each serving contains 100% of the daily recommended dose of vitamin C. Each serving also touts 5 calories per serving and is free of sugar, gluten and artificial sweeteners, flavors, colors or preservatives, according to the company.
Hansen’s Stix products, which are available in natural iced tea, natural blackberry tea, natural strawberry lemonade, natural fruit punch and natural berry flavors, carry a suggested retail price of $2.99 to $3.99 per box.