The charitable trust that controls Hershey Foods Co. announced Thursday it has proposed a sale of the nation's largest candy maker, which a newspaper reported could fetch more than $10 billion. The Milton Hershey School Trust, which owns 77 percent of Hershey's voting shares, requested that the company be put up for sale, saying that a possible sale "was the most prudent course of action consistent with its diversification objectives and its fiduciary obligation to the Milton Hershey School." The school was set up by the company's founder, Milton Hershey, in 1909 to serve disadvantaged students.
That's one of the saddest stories I've seen. M.S. Hershey built the most successful candy company in the world. He and his wife couldn't have children, so he set up the Hershey school as a home for orphaned boys; I think they might take girls now, too. They set things up so that the company exists to support the school. I met with Hershey's CEO about 15 years ago and he was a graduate of the school. Apparently there are new people at the helm now. "The most prudent course of action"? As long as there were Hershey bars there was going to be a Hershey School. If there aren't any more Hershey bars... G'bye, kids. |