Hershey Netherlands to buy Chinese confectionery producer

Hershey Netherlands will acquire 80% of Chinese confectioner Shanghai Golden Monkey Food Joint Stock Co. in a nearly USD 600 m deal that is expected to close in the second quarter of 2014. "China is expected to be Hershey's second largest market after North America by 2017 and this acquisition puts us on track to achieve that goal," said Hershey's Sharon Tang. Shanghai Golden Monkey's sales were expected to hit USD 225 m in 2013, and Hershey wants to increase its Chinese sales by seven times in the next five years.