Hershey is the leading North American manufacturer of quality chocolate and non-chocolate confectionery and chocolate-related grocery products.
In a disclosure to the Philippine Stock Exchange, AMC said the standard license agreement was signed by the two parties last Feb. 19.
At the same time, the company announced that it has agreed to amicably settle its dispute with General Milling Corp.
AMC, the country’s leading milk manufacturer, initially manufactured liquid canned milk (evaporated and sweetened condensed milk) and later expanded to powdered filled milk and UHT/ready-to drink milk.
Hershey’s products are marketed under a number of brand names. These include Hershey’s baking chocolate, Hershey’s chocolate drink, Hershey’s chocolate milk mix, Hershey’s Chocolate Shoppe ice cream toppings, Hershey’s cocoa, Hershey’s syrup, Hershey’s Hot Cocoa Collection hot cocoa mix, Reese’s peanut butter, and Hershey’s, Reese’s and Heath baking pieces. Internationally, the company exports Hershey’s branded confectionery and grocery products to over 90 countries worldwide.
In 1998, AMC signed a distribution partnership with Nabisco International of the US for a manufacturing joint venture. The deal gave AMC exclusive distribution rights for Nabisco’s Chips Ahoy, Oreo and Ritz biscuit brands.
AMC reported a 14-percent growth in its net income last year to P499 million from P439 million the previous year, driven by strong sales volumes across all product lines.
In a financial report filed at the PSE, AMC said revenues rose nine percent to P4.34 billion while cost of sales and operating expenses increased nine percent to P3.73 billion.