Hershey Completes Acquisition of Dot's Pretzels and Pretzels Inc.

HERSHEY, Pa., Dec. 14, 2021 /PRNewswire/ -- The Hershey Company (NYSE: HSY) today announced the completion of its acquisition of Dot's Pretzels, the owner of Dot's Homestyle Pretzels, and Pretzels Inc., a leading manufacturer of pretzels in the United States.  The combined purchase price was $1.2 billion, or approximately $1 billion of investment net of expected future tax benefits, as previously announced.

The addition of Dot's Pretzels accelerates Hershey's snacking powerhouse vision by adding to its portfolio the fastest-growing scale U.S. pretzel brand, representing 55 percent of the pretzel category's growth during the past year. 

Acquiring Pretzels Inc. also brings the pretzel manufacturing capability in-house to ensure the continued growth of Dot's and expertise to drive future snacking innovations.  

As with other recent acquisitions, Hershey will take a phased approach to integrate the businesses in partnership with Dot's and Pretzels Inc.'s leadership teams as we focus on continued growth of both businesses. 

More details are available on our Investor Relations site at: www.thehersheycompany.com. 

Safe Harbor Statement 
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Many of these forward-looking statements can be identified by the use of words such as "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would," among others. These statements are made based upon current expectations that are subject to risk and uncertainty. Because actual results may differ materially from those contained in the forward-looking statements, you should not place undue reliance on the forward-looking statements when deciding whether to buy, sell or hold the company's securities. Factors that could cause results to differ materially include, but are not limited to: the ability to timely satisfy the conditions to the closing the transactions contemplated in the definitive agreements; our ability to realize the benefits of the transactions; risks related to the impact of the coronavirus global pandemic ("COVID-19") on our business, suppliers, distributors, consumers, customers, and employees; the scope and duration of the pandemic; government actions and restrictive measures implemented in response to the pandemic, including the distribution of vaccinations and continuation of social distancing guidelines and stay at home orders; disruptions or inefficiencies in our supply chain due to the loss or disruption of essential manufacturing or supply elements or other factors; issues or concerns related to the quality and safety of our products, ingredients or packaging, human and workplace rights, and other environmental, social or governance matters; changes in raw material and other costs, along with the availability of adequate supplies of raw materials; the company's ability to successfully execute business continuity plans to address the COVID-19 pandemic and resulting changes in consumer preferences and the broader economic and operating environment; selling price increases, including volume declines associated with pricing elasticity; market demand for our new and existing products; increased marketplace competition; failure to successfully execute and integrate acquisitions, divestitures and joint ventures; changes in governmental laws and regulations, including taxes; political, economic, and/or financial market conditions; risks and uncertainties related to our international operations; disruptions, failures or security breaches of our information technology infrastructure; our ability to hire, engage and retain a talented global workforce, our ability to realize expected cost savings and operating efficiencies associated with strategic initiatives or restructuring programs; complications with the design or implementation of our new enterprise resource planning system; and such other matters as discussed in our Annual Report on Form 10-K for the year ended December 31, 2020 and from time to time in our other filings with the U.S. Securities and Exchange Commission. All information in this press release is as of December 14, 2021. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations. 

About The Hershey Company 
The Hershey Company is headquartered in Hershey, Pa., and is an industry-leading snacks company known for bringing goodness to the world through its iconic brands, remarkable people and enduring commitment to help children succeed. Hershey has approximately 17,000 employees around the world who work every day to deliver delicious, quality products. The company has more than 90 brands around the world that drive more than $8.1 billion in annual revenues, including such iconic brand names as Hershey's, Reese's, Kit Kat®, Jolly Rancher, Ice Breakers, SkinnyPop, and Pirate's Booty. 

For more than 125 years, Hershey has been committed to operating fairly, ethically and sustainably.  Hershey founder, Milton Hershey, created the Milton Hershey School in 1909 and since then the company has focused on helping children succeed. 
To learn more visit www.thehersheycompany.com 

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SOURCE The Hershey Company