A day after Hershey announced plans to launch a new brand in China — marking the first time the company launches a new brand outside the U.S in its 120-year history — the company announced plans to open its Asia Innovation Center in Shanghai.
Brynwood Partners’ portfolio company, Pearson Candy Company, has acquired the Bit-O-Honey confectionery brand from Nestle. The acquisition marks the fifth brand Brynwood Partners has acquired from Nestle. Terms and conditions of the transaction were not disclosed.
The Hershey reported a net sales increase of nearly 6%, driven by core brand volume. Consolidated net sales were $1.8 billion for the first quarter ended March 31, compared with $1.7 billion for the same period last year.
Nestlé on Tuesday named Luis Cantarell head of Nestlé Nutrition with the departure of Kurt Schmidt, deputy EVP Nestlé Nutrition, who has decided to leave the company for personal reasons effective Dec. 1.
Paul Grimwood, CEO of Nestlé UK and Ireland, has been appointed to the role of chairman and CEO of Nestlé USA following the announcement by current chairman and CEO Brad Alford, who is to retire in October 2012.