Hershey Bolsters Supply Chain By Acquiring Two Popcorn Manufacturing Operations

Hershey Co HSY has entered into a definitive agreement to acquire two manufacturing plants from Weaver Popcorn Manufacturing. The financial details of the transaction were not disclosed.
Weaver is a co-manufacturer of Hershey's SkinnyPop brand. Through the deal, Hershey will acquire Weaver's operations in Bethlehem, Pennsylvania, and Whitestown, Indiana.
The acquisition will enable the company to sustain strong growth for its SkinnyPop brand by strengthening internal supply chain capabilities.
"In response to consumer snacking trends, we continue to evolve our supply chain, making significant investments in the size, scale and capabilities of our network, improving resiliency while we continue to strengthen existing supplier relationships," said chief supply chain officer Jason Reiman.
Hershey plans to fund the deal with cash on hand and short-term borrowings. It held $463.8 million in cash and equivalents as of Dec. 31, 2022.
Price Action: HSY shares are trading higher by 0.69% at $258.04 on the last check Monday.