North American chocolate confectionery manufacturer Hershey is stepping up its growth in Europe as part of its strategy to reduce its reliance on its domestic market by developing internationally, especially in emerging markets such as Asia and Latin America. The UK’s second largest retailer, Asda, will commence selling Hershey products next year and the American confectionery group has now established a European subsidiary, located in London.
Last year, only 14% of Hershey’s total turnover of $5.3b was generated outside of North America. Hershey was linked to a possible bid for Cadbury, which would have helped to internationalise its business, but lost out to Kraft Foods.
