Updated on December 4, 2022
They say when it comes to chocolate resistance is futile, but in the case of Hershey’s chocolate resistance, it is impossible. All of the products presented by Hershey are little packets of joy for millions of customers all over the world. It is a world-famous chocolate company that is based in the United States of America. Hershey’s chocolate company has a wide range of chocolates and sweets that can be found in almost every corner of the world. It has become one of the most dominating names in the worldwide chocolate business.
Each range of products that are introduced by the manufacturers successfully grabs the attention of people in no time. Hershey’s chocolate company was founded nearly 130 years ago and it has been almost 95 years since the company got its name legalized. Since then, its fame, acknowledgment, and success became limitless. Many people are interested to know who owns Hershey’s chocolate company at the present time as the company has gone through lots of revolutions over the years. So, without further ado, let’s sink into the detailed history and information about the current shareholders.
What Is Hershey’s Chocolate Company?
Hershey’s chocolate company is one of the giants in the chocolate industry. The company has been raising its standards high over the past century for many generations. The founder of the company, Milton Snavely Hershey played a revolutionary role by changing the image of people regarding sweets and chocolate in the 1800s. The company currently offers milk chocolate bars having a number of flavors, Reese cups, butter cakes, Twizzlers, Hershey’s kisses, syrups, and much more. Each product makes people go gaga over them as soon as they were introduced over the years.
Who Owns Hershey’s Chocolate?
The Hershey Company is not owned by a single person or corporation. Instead, there are a number of people and many different types of companies that own shares in this chocolate company. Over the years the ownership of the shares has gone through many drastic changes. Many admirers of Hershey’s chocolate are interested to know whether the initial founders still own the business or have some shares of the company or not. Keep on reading to know how the company was founded, and developed, and who are the owners.
How Was The Hershey’s Chocolate Company Founded?
It all started with a vision of an enthusiastic young man, who wanted to start a candy company. Milton Snavely Hershey was the man. Hershey’s chocolate company was not his first candy business. His main focus was on caramel making. He started a company in 1894 in Lancaster which he named as Lanchester Caramel factory. This company acted as the initial basis for Hershey’s chocolate company.
The upcoming six years were filled with numerous ups and downs, but the caramel company was able to gain success in Pennsylvania. In these years Milton’s interest changed from caramel to chocolate business. This led to the first-ever launch of Hershey milk bars in 1900 and the Lanchester Company was sold. Hershey was a man of vision, so he didn’t stop at that. He made a plan for making his very own chocolate bars. The plants also had a community plant associated with them for the workers. After 27 years the company got legalized in 1927.
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The Hershey’s Trust Company
The Hersey’s chocolate company was not the only sweet business he owned. Milton had many other side projects that made him more than an owner of a chocolate business. The community towns he made were not the only thing that he planned for the betterment of the people around him. Milton also founded Milton Hershey school which was known as an industrial school.
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It was not like other ordinary orphanage schools as it focused not only on education but the overall development and skill enhancement of children. This school acts as the need for making trust. The school trust was founded in the early 1900s but after the death of Milton, Hershey’s trust company took the responsibility to look after the legacy and all properties of the great enthusiast and revolutionist.
Who Currently Owns The Company?
When it comes to owning Hershey’s company, there is no one name. The Hershey chocolate business is too wide to be owned by a single person or institute. There is a large board of governors and shareholders that are responsible for the continuity of the business. It is not a private company. The shareholders have a different percentage of shares in the total ownership of the company.
Technically speaking the one who has the highest percentage can be regarded as the owner. In fact, the Hershey’s School Trust has more shares that are around 28 percent. The trust has almost all class B shares which give it more votes and more influence on the main decisions of the company. At the end of the day, every decision needs to be approved by all of the board members that have some representation of the stakeholders in it.
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Does the Hershey family still own Hershey?
Yes, the Hershey family owns the Hershey chocolate company as 28 percent of the highest shares are owned by the Milton Hershey School Trust. Over the past 130 years, the caramel company turned into a famous and undoubtedly the best chocolate and sweet-making company. When it comes to quality and innovation there is nothing that can beat Hershey’s.
The Hershey’s Chocolate Company needs no introduction to chocolate lovers all over the world. Whether it comes to simple divine milk chocolate bars, dripping syrups, salty rees cakes, or happiness-filled kisses, each is better than the other. The company was founded by Milton Snavely Hershey in 1894 and after his death, the chocolate company has a number of shareholders out of which the Hershey’s trust company has the most number of shares.