Hershey Foods Corporation announced a number of steps in support of a value-enhancing strategy. These include a proposed change in the company's name to "The Hershey Company," the formation of two new business groups to capitalize on growth opportunities, and a proposed increase in the company's authorized stock.
In commenting on the announcement, Richard H. Lenny, chairman, president and chief executive officer, Hershey Foods Corporation, said, "We established our value-enhancing strategy and embarked upon our mission to execute it consistently and predictably in October 2001. Delivering upon this strategy -- whose foundation is profitable organic growth with significantly improved margins and return on investment -- has enabled us to achieve superior performance on behalf of our stockholders and employees. The announced steps are designed to further support this value-enhancing strategy as well as to build upon the marketplace strength we've achieved over the past three years."