HERSHEY FOODS COMPLETES DEFINITIVE AGREEMENT TO PURCHASE ITALIAN CONFECTIONERY BUSINESS OF HEINZ ITALIA S.P.A.
HERSHEY, Pa., Aug. 9 /PRNewswire/ -- Hershey Foods Corporation (NYSE: HSY) today announced that it has completed a definitive agreement to purchase the Italian confectionery business of Heinz Italia S.p.A. Terms of the agreement were not disclosed. The business is the leader in the Italian sugar confectionery market and manufactures and markets a wide range of confectionery products, including sugar candies and traditional products for special occasions such as nougat and gift boxes. Products are marketed under the Sperlari, Dondi and Scaramellini brands. Sales for the fiscal year ended March 31, 1993, were approximately Lit. 160 billion or US $100 million. The transaction is subject to appropriate governmental approvals. "We are very pleased to announce our agreement to acquire the confectionery business of Heinz Italia," said Richard A. Zimmerman, chairman and chief executive officer of Hershey Foods Corporation. "The acquisition represents another step in the further development of our European confectionery business." Manufacturing facilities are located in Cremona and Gordona in northern Italy. Its products are sold principally in the Italian market. Hershey Foods Corporation is the largest North American producer of chocolate and confectionery products, is a major U.S. producer of dry pasta products, and has international interests in Germany, Mexico and the Far East. /delval/ -0- 8/9/93 /CONTACT: John C. Long of Hershey Foods, 717-534-7631/ (HSY)
CO: Hershey Foods Corporation; Heinz Italia S.p.A. ST: Pennsylvania IN: FOD SU: TNM
CC -- PH027 -- 0917 08/09/93 17:01 EDT
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|Date:||Aug 9, 1993|
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