Hersey Canada Reaches Settlement with Authorities; Will Plead Guilty to One Count of Price Fixing; Says Conduct Limited to Hersey Canada; Says Current Senior Management Not Involved
Hershey Canada Inc. announced today that it has reached a settlement agreement with the Canadian competition authorities with regard to an inquiry into alleged violations of the Canadian Competition Act in the sale and supply of chocolate products sold in Canada by members of the confectionery industry.
Subject to court approval, Hershey Canada will plead guilty to one count of price fixing related to communications with competitors in Canada in 2007. Hershey Canada promptly reported the conduct to the Competition Bureau, cooperated fully with its investigation and did not implement the planned price increase that was the subject of the 2007 communications.
The Hershey Company works diligently to earn the trust of its customers and consumers each and every day through great-tasting, high-quality products. Hershey Canada regrets its involvement in this incident as the communications were not in keeping with The Hershey Company's principles, global business practices and high ethical standards.
We are confident the conduct was limited to Hershey Canada and the Canadian marketplace. The current Hershey Canada senior management team as well as The Hershey Company and its management had no involvement in this conduct.
Hershey Canada and The Hershey Company remain committed to the highest ethical business practices and have enhanced their compliance training to raise their employees' understanding of the Company's Code of Business Conduct.
About The Hershey Company
The Hershey Company (NYSE: HSY) is the largest producer of quality chocolate in North America and a global leader in chocolate and sugar confectionery. Headquartered in Hershey, Pa., The Hershey Company has operations throughout the world and approximately 14,000 employees. With revenues of more than $6.6 billion, Hershey offers confectionery products under more than 80 brand names, including such iconic brands as Hershey's, Reese's, Hershey's Kisses, Hershey's Bliss, Hershey's Special Dark, Kit Kat, Twizzlers, Jolly Rancher and Ice Breakers. The company is focused on growing its presence in key international markets such as China, Mexico and Brazil while continuing to build its competitive advantage in the United States and Canada.
For more than 100 years, The Hershey Company has been a leader in making a positive difference in the communities where its employees live, work and do business. Corporate Social Responsibility is an integral part of the company's global business strategy, which includes goals and priorities focused on fair and ethical business dealings, environmental stewardship, fostering a desirable workplace for employees, and positively impacting society and local communities. Milton Hershey School, established in 1909 by the company's founder and funded by a trust administered by Hershey Trust Company, provides a quality education, housing, and medical care at no cost to children in social and financial need. Students of Milton Hershey School are direct beneficiaries of The Hershey Company's success.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.