Press release from Business Wire
Hershey Holds First Open Innovation Summit
<p class='bwalignc'> <i><b>First Global Innovation Summit Taps into Knowledge and Skills</b></i> <i><b>of Key Suppliers to Unlock Innovation Potential</b></i> </p>
Wednesday, May 08, 2013
Hershey Holds First Open Innovation Summit12:30 EDT Wednesday, May 08, 2013
BALTIMORE (Business Wire) -- The Hershey Company (NYSE: HSY) today hosted its first Global Partner Summit, an open innovation forum that is part of the company's key strategy of using industry-leading innovation to drive global growth. The goal of the summit, being held in Baltimore, is to unleash the combined resources of Hershey's internal innovation resources and its broad supply base to create new ideas, new capabilities, more sustainable practices and consumer-focused innovations that will drive industry-leading growth.
“Tapping the deep knowledge and great ideas across our company and our business partners will unlock our combined innovation and productivity capabilities,” said John P. Bilbrey, President and Chief Executive Officer, The Hershey Company. “Together, our shared knowledge, insights and expertise will fuel achievable, consistent, sustainable growth for Hershey and our supply partners.”
Innovation is a key strategy for The Hershey Company's long-range global growth vision. It will play a fundamental role in the company's drive to reach $10 billion in net sales by 2017.
More than 70 suppliers have assembled in Baltimore to work on a range of innovation opportunities, including new product ideas, improvements to formulations and recipes, innovative packaging, and process & technology improvements. The summit will be held annually.
Hershey expects the open innovation program will increase the number and impact of innovations it develops annually and will accelerate the speed to market for new ideas, resulting in a faster realization of value from the integrated innovation program. Open innovation will also support the company's efforts to grow in new and emerging markets while reducing overall innovation costs.
“Establishing a process to better leverage our suppliers' tremendous R&D resources and capabilities will open up new possibilities for developing breakthrough ideas,” said William Papa, Vice President of Global Research & Development, The Hershey Company. “We will build better ways of operating by utilizing new technologies that are more efficient and effective. Ultimately, this will enhance our global product portfolio and help maintain our high quality standards, which have been the cornerstone of The Hershey Company since Milton Hershey developed his famous Hershey's Milk Chocolate bars more than a century ago.”
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.
The Hershey Company
Jeff Beckman, 717-534-8090