Five-year agreement builds on significant
company investments in improving the well-being of cocoa farming
communities
HERSHEY,
Pa., Oct. 14, 2024 /PRNewswire/ -- Hershey
announced a five-year agreement with nine cocoa-producing
cooperatives in Côte d'Ivoire. The move is part of its "Cocoa For
Good" strategy, a 10-year, $500
million investment by the company to address the complex
challenges facing cocoa farmers. The agreement aims to build
lasting relationships with farmers that enable a more resilient
supply.
A long-term commitment to improve farmer livelihoods
The announcement coincided with the annual National Cocoa and
Chocolate Days held in Abidjan,
Côte d'Ivoire. The heart of the agreement is a memorandum of
understanding between Hershey, Sucden, and the nine cooperatives
which aims to:
- Partner with farmers to professionalize cocoa farming and
improve their profitability
- Invests in community-based resources that improve household
wellbeing
- Preserve the environment and strengthen farm resilience
Long-term collaboration among the three entities provides
stability for farmers and an ability to more directly engage in
addressing on-the-farm challenges.
"Improving farmer incomes requires a holistic approach and
collaboration across public and private sectors," said Tricia Brannigan, Vice President, Chief
Procurement Officer for Hershey. "Collaboration happens best when
you have trust. Trust is built over time through strong,
long-lasting relationships."
Building resilient communities within cocoa supply
chains
This agreement aligns with Côte d'Ivoire's National Strategy for
Sustainable Cocoa to ensure a coordinated and lasting approach to
addressing key challenges in the Ivorian cocoa sector.
This latest move by Hershey is part of a series of significant
investments in the well-being of cocoa farming communities. In
addition to its $500 million "Cocoa
for Good" investment, Hershey launched its $40 million Income Accelerator program in 2023.
It is also funding the construction of primary schools in farming
communities, through an agreement with the National Oversight
Committee for Actions to Fight Child Labor, Trafficking and
Exploitation and the International Cocoa Initiative.
To learn more about how Hershey is supporting the people behind
its products through initiatives that improve farmer incomes,
prioritize children's well-being and protect the environment, visit
https://www.thehersheycompany.com/en_us/home/sustainability/sustainability-focus-areas/cocoa.html.
About The Hershey Company
The Hershey Company (NYSE: HSY) is an industry-leading snacks
company known for making more moments of goodness through its
iconic brands, remarkable people and enduring commitment to doing
the right thing for its people, planet, and communities. Hershey
has more than 20,000 employees in the U.S. and worldwide who work
daily to deliver delicious, high-quality products. The company has
more than 90 brand names in approximately 80 countries,
including Hershey's, REESE'S, Kisses,
Kit Kat®, Jolly Rancher,
Twizzlers and Ice Breakers, and salty snacks
including SkinnyPop, Pirate's
Booty and Dot's Homestyle Pretzels.
For over 130 years, Hershey has been committed to operating
fairly and ethically. The candy and snack maker's founder,
Milton Hershey, created Milton Hershey School in 1909, and since then,
the company has focused on helping children succeed through
equitable access to education.
To learn more visit www.thehersheycompany.com.
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SOURCE The Hershey Company