Free Essay

Shaffern Berger

In: Business and Management

Submitted By bigasianman
Words 1398
Pages 6
Liam Folan, Vicente Soriano, Cayetano Uribe, George Yang
Operations Strategy & Consulting
Professor Joy Field
September 7th 2015
Scharffen Berger Case
Overview
The management team at Scharffen Berger is thinking of expanding capacity in order to cope with the anticipated growth in demand. Our analysis recommends that Scharffen Berger to simultaneously fix all bottlenecks (roaster, melangeur and conche) in order to increase capacity because simply purchasing a ball mill to improve conche capacity will not improve overall capacity of the production process and can prove very expensive without effectively preparing for increasing demand.

Analysis
There are several key issues that management should consider when deciding whether and how to add capacity. First, demand for Scharffen Berger products are increasing at a rapid pace. Sales grew 10 times in the span of 5 years ($1.1mm-$10mm) and revenue is expected to be over $15mm in 2005. In addition, a mass-market retailer had expressed interest in having a Scharffen Berger custom blend to sell in its stores all across the country. If the customer’s order is taken, it can “increase product demand by up to 30% by the end of the year.”
Furthermore, the industry itself is growing rapidly. The premium segment is considered as a growth segment with 15-20% annual growth projected between 2000-10 due to various reasons. In addition, during the beginning of the company, the founders were focused on achieving the quality of the product and were satisfied with fairly slow growth. However recently, they have begun to “recognize the strength of the brand and wishes to increase its market position.” In order for them to seize the opportunity and keeping up with the rapid growing demand, the company must look at its production capabilities for the past 18 months (demand from retailers had outstripped supply).
Scharffen Berger is one of the few companies that manufacture their products “from beans to bar,” as their operation process is controlled in-house. In terms of how to add capacity, the management must look at the bottlenecks of the production process and improve upon it. In their current process, the conche is the largest bottleneck as it takes 50 hours per batch to refine, mix, and aerate the chocolate. Although production have increased from 18 conches to 26-9 conches of chocolate per month under current capacity and hours of operations, management is looking to reduce the time needed to spend on the conche as it is severely restraining the capabilities of the production process.
Quality is Scharffen Berger’s primary differentiator. If the company adds capacity, it is essential that it does not affect the quality of Scharffen’s products. Scharffen Berger is primarily considering adding capacity by the purchase of a ball mill ($300,000USD) that will be able to perform the most rigorous refining task that the conche had been doing, using only “3 hours to take particles from 100 microns to 25 microns.” The management found out that there is little difference in taste due to the reduced time spent in conche. Although the conche would still be needed for aeration and mixing functions, the conching can be stopped after 10 hours and the ball mill would finish the grinding. The process will be completed in 15 hours as opposed to 50 hours (based on 62% semi-sweetened chocolate) without the ball mill. Management believes the additional equipment will increase capacity by at least 75%. However, the increased efficiency of the production process by reducing the time the product spend in the conche does not solve the bottlenecks that appears earlier in the production process.
The daily capacity of the proposed ball mill will be 6720 kg per day, which is even higher than the current ability to clean the beans. The conche will be pushed to a capacity of 3360 kg per conche giving a combined of 6720 kg per day. (assuming that the ball mill will be ran 24 hours per day). Furthermore, the payback of the ball mill will only be 36 kg per day. Even though the daily capacity of the ball mill is 6720 kg per day the final production will only increase by 36 kg per day given the bottlenecks that exist in the production process prior to the ball mill’s step. Therefore, in order for the $300,000 investment in buying the new ball mill to be justifiable the bottlenecks prior to the conche should be corrected first. Otherwise, the ball mill investment would yield a negative return.
Currently, Scharffen Berger produces 40,320kg per month (1344 per day). A 150% increase would mean monthly production would be 100,800kg, with a daily product rate of 3,360kg. In order to reach this 150% capacity, the roaster, winnower, and melangeur, and molding steps would have to be changed (see excel for calculation):

-Roaster: Currently maximum daily capacity is 1500kg, meaning 124% increase in roaster product capacity is needed to reach 150% increase.
-Winnower: Current production capacity is 2,264kg per day, meaning 26% increase in winnower production capacity is needed to reach 150% increase.
-Melangeur: Current production capacity is 1,472kg per day, meaning 128% increase in melangeur production capacity is needed to reach 150% increase..
-Temp & Mold: Current production capacity is 3,200kg per day, meaning 5% increase in temp & mold production capacity is needed.

The current capacity is illustrated in the attached excel spreadsheets with the assumption that all of the production is of semi-sweet (62%) chocolate and tempering and molding is considered as one step. From our excel analysis, it seems that the first bottleneck in the process is the roaster. The roaster’s full capacity handles 1500 kg per day (assuming every batch is full and the parameters given in the case study) which is approximately ¼ of the capacity of the bean cleaner. The melangeur is the next bottleneck. Given the current capacity base on the roaster’s full capacity, melangeur can only handle 1380 kg per day (rounded to per batch to ensure no products are mixed and the quality of product). Finally, as suspected, the conche is the final bottleneck in the process. Therefore, Scharffen Berger management should look into options that can increase capacity for the roaster, melangeur and the Conche in anticipation of rising demand.

Recommendation
Base on the key issues identified and capacity analyses, management should look into adding capacity of all the bottleneck as simply fixing the conche will simply not increase capacity to the extent that demands are anticipated. For the toaster, we recommend to increase the amount of shifts from 1 to 2 (as Harris points out, the benefits of additional sales through capacity increase far outweigh overtime payments). Thus increasing the capacity from 1500 kg to 3000 kg. We are not recommending 3 shifts at the moment because management is cautious about over stocking inventory. If capital is available, it might be a good idea to upgrade the 50 years old roaster that may experience breakdowns in the near future to one that will be more efficient, modern and allow even more additional capacity if need be in the future.
For the melangeur, we highly recommend the purchase of an additional one for $50,000USD and adding an extra shift to improve the bottleneck. We are cautious in recommending the modernization of the technique used to grinding nibs as Scharffen Berger are the only company in U.S. that relied on this historical melangeur and the switch to modern equipment might potentially affect the quality. Thus, the purchase of the same equipment is recommended that would theoretically increase capacity by 2. As to an extra shift, since we are trying to increase capacity to at least 3000 kg (which is twice the daily output of the first bottleneck, the roaster), the extra shift will safeguard and pushes capacity well over 3000 kg.
Finally, we recommend the purchase of the ball mill only if the above steps are taken in conjunction. This is because the conche will remain the final bottleneck even if the above steps are taken. In conclusion, the management need to think about improving the production process simultaneously in order to prepare for the anticipated demands and potentially taking the order from the mass-marketer. Overall, by implementing in these equipment and labor recommendations, this will improve production capacity by 98%.

--------------------------------------------
[ 1 ]. Assuming company only produces semi-sweet (62%) chocolate

Similar Documents

Free Essay

An Attractive Spanish Woman Stares at Me

...Questioning a Ghost Questioning a Ghost Questioning a Ghost An attractive Spanish woman stares at me, her eyes never moving. The pose is frozen endlessly in time. She’s wearing a flowing silk gown and an expensive looking shall which one could imagine is made from gold flake. The bed she lies on has oversized pillows with frilly trim. Her shoes are gold and she appears to have some make-up on. The woman’s hair is dark as night, her eyebrows are long and pronounced and she has rosy cheeks. There seems to be an essence of wealth or, at the very least, the artist was trying to portray her as sophisticated and high class. Around her waist I see a red sash presumably also made of silk. One can imagine it is a ribbon around the gift that is the woman. Maja has a very seductive figure. The hourglass contours of her body, slender waist, and ample breasts rising as if she was inhaling deeply at the moment Goya started the outline. You can see there is strength in her legs and I would describe her as having “child-bearing hips”. Maja surely is a beautiful woman. But, is she a real woman? Was Francisco Goya painting the love of his life? The detail in the face suggests to me that Goya knew Maja well. Maja may be the mother of his children, yet she is still looks youthful and beautiful. If she isn’t his significant other than who is she? Perhaps she is just another paying customer. Francisco, the starving artist, could have been painting her at the commission of her wealthy family...

Words: 1030 - Pages: 5

Free Essay

Lanvin

...Words cannot fully explain our experience of this world, yet we try to do this expressly or inadvertently in our private reverie or shared moments with others. When presented with a work dealing with text, we become in varying degrees aware of our cognitive faculties. A work which is presented to us in a direct form where its meaning and interpretation are intentionally straightforward and meant to be immediately grasped, perhaps demands less cognitive skills from us to experience a satisfactory closure. However, and because words are “free-floating signifiers” (Simon Morley, 2001, p.33), with meanings which are malleable, a piece of work dealing with text that considers this as a fundamental element, evokes a larger inventory of our cognitive powers. From here, we traverse and delve into our reservoir of fictive ingenuity when we try to make even greater sense of this work. Thus, rendering us susceptible to suggestion, and the infinite possibilities of imagining the world and ourselves in different time and space. This concept of “open work” (1980, p.45) as observed by Umberto Eco is central in my proposal of study and it aims to investigate the state of immersion in fictive discourse with others, the world and ourselves. The proposal examines how an installation piece dealing with text, time and space when presented as an “open work”, is able to engage the audience’s fictive discourse, and intensify, in particularly this notion of immersion and presence. One of the key...

Words: 623 - Pages: 3

Free Essay

Ways of Seeing by John Berger

...Ways of Seeing by John Berger On Tuesday, June 5th 2012, I went to the Museum of Fine Arts. The atmosphere was peaceful and quiet even though there were a lot of students from a high school. If you decide to go to a museum you have a special attitude. First of all it is your choice to go there. The museum will not come to you. I spent quite some time walking around to find a picture that was “speaking” to me. Then I came across the “Behind the Scenes: Caring for working of art” room. It is an electrical room with a touch screen under the picture. The screen explains a lot of the different things about the history and background of the painting (picture 1). The painting was of Mrs. Timothy Rogers (Lucy Boylston). I was intrigued by the historical background of the Boylston Family and the timeline (1766 – 1767) during which John Singleton Copley painted six portraits of the Boylston family. It reminded me of a line in John Berger’s essay: “They are declared art when their line of descent can be certified” (150). I wonder how many wonderful and beautiful paintings were just thrown away because they were not of someone important, rich, or famous. There was also information about the cleaning of the painting. I was able to see the difference in the 1921 unclean portrait and the 1950 clean portrait. First, I just saw a nice painting of a woman, but now I can see and appreciate the portrait of Mrs. Timothy Rogers. “The meaning of an image is changed according to what one sees...

Words: 1383 - Pages: 6

Free Essay

123456

...Almost half a century ago, John Berger expounded how authority has became the barrier of vision through analyzing the impact of ways of seeing on art. Nowadays, people seem to have no need to worry about this problem because of the development of technology. We have the most advanced and sophisticated machines which can help us to “see” the nature of object. For example, a microscope can amplify the object thousands of times and a telescope can look across the milky way through the distant galaxy. The advanced technology allows people to enjoy famous paintings in the world even if they never leave home, and people no longer need to care some disease because we have such developed medical system. Therefore, a large number of people believe that science is omnipotent. But is that the real truth? From my point of view, contemporary science has became a kind of superstition since it plays such a important role in our daily life, and it has became the barrier of vision which blinds people’s eyes as people rely on technology for everything they do. An important part of science is creativity, Edward de Bono once said, “There is no doubt that creativity is the most important human resource of all. Without creativity, there would be no progress, and we would be forever repeating the same pattern.” It is those invention which led us farewell to poverty and backwardness. Among those great inventions, I believe camera is the most charming one. Berger mentioned the impact of camera...

Words: 1411 - Pages: 6

Premium Essay

Reflections About "Ways of Seeing" by John Berger

...Alexander Irinarchos ENGL 1102 – College Writing Professor Amy Carleton Reflections about John Berger’s Essay Ways of Seeing I found “ways of seeing” by John Berger, very interesting although only when its applications were focused on general seeing and perception of seeing. The mere part of the essay which focuses on art through history and perception, was of less interest to me, perhaps because it reminded me of a philosophical IB class I had of which similar aspects were analyzed, or simply because I had a hard time grasping all language in the later part of “ways of seeing”. However I due believe John Berger’s main subject that of how we perceive and how we see, is a very intriguing one. The idea of “selective perception” though not mentioned, yet a key underlying theme of the essay, is something I see implication of in my daily life. I recall telling my girlfriend two days ago, about how fascinating it is that often when you learn something new one day, it does always go more than half a day before you strike that exact new knowledge again, though having never seen it before or perhaps more correctly having never perceived and recorded it before! My example the other day was how a realtor who had a Greek last name, told me in a text message that he doesn’t speak Greek but might take Rosetta Stone. I was extremely confused yet did not bother to look the word up, which would have been unnecessary because during my Business Textbook reading later that night...

Words: 445 - Pages: 2

Free Essay

The Male Gaze

...trends and myths of the moment to earn her a place not only in the history of cinema but also of feminine elegance (Benzinga, 2009). “We like strong, confident women, we like sexuality in a very sensual way—not at all vulgar. We hate vulgar.” Marcus Alas said in a 2004 interview (adweek.com, 2004). Mert Alas and Marcus Piggott are partners in the professional world of fashion photography and have made their significant mark through highly retouched, luminous and strong composition photography styles. “Publicity starts by working on the natural appetite for pleasure, something that is real. It does not, however, offer the pleasure as it is. Rather it promises happiness, happiness gained by being envied by others, and this is glamour” (Berger,...

Words: 2664 - Pages: 11

Free Essay

Berger

...SUMMARY OF PETER BERGER, THE SACRED CANOPY CHAPTER 1: RELIGION AND WORLD-CONSTRUCTION CHAPTER 2: RELIGION AND WORLD-MAINTENANCE CHAPTER 3: THE PROBLEM OF THEODICY CHAPTER 5: THE PROCESS OF SECULARIZATION   CHAPTER 1: RELIGION AND WORLD-CONSTRUCTION Berger begins his interpretation of religion by observing that very little in human life is determined by instinct. Because we humans have a relatively short gestation period in the womb (compared to other species), we don't have time to develop very elaborate instinctual equipment. We have very few instincts, and the ones we have are quite weak. So we have few specific responses to specific stimuli "patterned" into us. This means that in every situation we have a very large range of options for responding. We are constantly forced to choose how to interact with the world. In Berger's terminology, we must choose how to "externalize" ourselves, which means how to relate to and shape the environment around us. (Berger claims that in this respect we are different from all other animal species. He may well be wrong about other animal species; other animals may be a lot like us. But that doesn't mean he is wrong about human life.) Every time we externalize ourselves we change the environment, which creates a new set of choices to be faced. since the relationship between self and world is always changing, we are always "off balance." What we want more than anything else, according to this sociological view, is to be in balance--to...

Words: 4425 - Pages: 18

Premium Essay

Natht

...and innovative products. But, very big companies can apply a hybrid approach and use both, cost leadership and differentiation strategies (Lay & Wallmeier, 1999). Roland Berger and Lazard point out that automotive companies exercise a lot of price pressure on suppliers which forces them to engage in aggressive pricing strategies in order to survive (Roland Berger/Lazard, 2010). Due to the previously discussed details about Bosch's size we can infer that the company belongs to the differentiation strategy group. According to a study conducted by Roland Berger the size of the global automotive supply market is expected to increase from €406 billion in 2010 to €684 billion in 2025. This results in a compounded annual growth rate (CAGR) of 3.3%. Both, powertrain parts and exterior supply components continue to account for the largest share in sales (Bernhart, Hoffmann, Kalmbach, & Kleimann, 2011, p. 36f). Hence, it could be argued that Bosch should invest more in its research activities related to these two areas. After a sharp decline in revenue during the crisis which results in around 350 bankruptcies, sales in the automotive supplier industry now reach the pre-crisis level. In general, the market is highly fragmented and the earnings before interest and tax (EBIT) margin is around 6% (Roland Berger/Lazard, 2010). The competitive situation for process-focused segments is nicely illustrated by the following figure. Figure : Market share distribution per segment (top...

Words: 437 - Pages: 2

Premium Essay

Strategies a Firm May Use to Overcome the Challenges in China

...oldest civilization expatriates in China need to be aware of the uniqueness of the culture by treating their counterparts with respect and adding value to their lives rather than just value enhancements on the firm level on way up the “value chain” ladder. This can be done by building up relationships to strengthen the “guanxi”. It is evident that difficulties occur in a communist country where there is government interference, misallocation of resources and low freedom of doing business resulting in a high rate of corruption of 3.5 points in 2010 (Worldbank). There is not much to do about it but to be aware of it. It might seem like a paradox but Chinese consumers show increasing quality awareness. According to a report from Roland Berger Strategy Consultant (2010), the price of goods is no longer a “determining factor in a purchasing decision, [but it] is now just one of several factors alongside brand, quality and personal style.” Through offering an acceptable level of quality with perceived value a firm come overcome the challenges existent in the market. With respect to quality of labour force there is much more to take into account. As already mentioned, there is a small proportion of dedicated employees. Nevertheless, this number is decreasing from 17% to 10% as employee’s age increases. It is about to motivate the young generation by offering them some form of continuing education, training and sufficient salary to get them more engaged in the company. ...

Words: 513 - Pages: 3

Free Essay

Invitation to Sociology

...Invitation to Sociology Peter Ludwig Berger was born March 17, 1929 in Vienna. Shortly after WW2 he emigrated to the United Sates. He first got a degree in Arts at Wagner College in 1949 before he continued his studies at the New School for Social Research in New York. In 1950 he got his masters and in 1952 he received his Ph.D. After finishing his education he went back to school, but to work and teach other students. First he started at Evangelische Academic in Bad Boll, Germany. Then from 1956 to 1958 Berger became the assistant professor at the University of North Carolina. He has also taught at Rutgers, The New School, and Boston College. In the end he settled down at Boston University and has been working there since 1985 (Biographybase). In 1963 he published a book called Invitation to Sociology. He starts the book by giving an introduction to what he is going to talk about and that is sociology. Berger gives a great example about of people traveling may experience culture shock minus the geographical displacement (Wadsworth 7). This statements refers that people that study sociology don’t need to travel to far distant lands to experience a whole new society. By digging deeper into their own society and studying people and the cultures they will be surprised over everything they discover. I really enjoyed his example about love and who marry who on page 9. Berger uses the example of the institution of marriage. Instead of just looking at the surface, he digs deeper revealing...

Words: 344 - Pages: 2

Free Essay

Brazilian Automotive Market

...The Brazilian automotive industry is at a crossroads. If the industry and the government take the right steps, there are great prospects on the domestic market and increasing export opportunities. That is the conclusion of a study conducted by Roland Berger Strategy Consultants entitled "The Brazilian automotive industry at crossroads". "Brazil is an up-and-coming market with great potential – also for the automotive industry," says Stephan Keese, Principal in the Automotive Competence Center at Roland Berger Strategy Consultants. But with increasing global competition, Brazil needs to define a clear agenda to ensure future production growth. This plan should include encouraging domestic sales to ensure enough satisfactory growth for all market participants. It is also important to increase exports to compete on a global level. In addition, it is necessary to improve domestic competitiveness to translate sales growth into production growth for established players. Joint industry-government action recommended If the necessary steps are taken, Brazilian automotive sales have tremendous potential to grow in the future, fueled by the positive development of the economy. Analysis shows that sales of 6 million vehicles by 2020 are likely. But this sales forecast may require additional efforts and action by the industry and the Brazilian government. For example, joint industry-government action could be undertaken to drive domestic sales growth in Brazil, such as reducing the...

Words: 723 - Pages: 3

Premium Essay

Comm. Excel

...Stephan Danner, Aleksandar Ruzicic, Patrick Biecheler Study Commercial excellence in the pharmaceutical industry Delivering superior value to your customers in challenging times Stephan Danner, Aleksandar Ruzicic, Patrick Biecheler Study Commercial excellence in the pharmaceutical industry Delivering superior value to your customers in challenging times 2 | Study Contents Letter from the authors Executive summary 1. At a glance: Turbulent times, here to stay? 2. Taking the first steps towards commercial excellence 3. Sales excellence: Still a worthwhile investment 4. The nuts and bolts of customer excellence a) The importance of customer relationship management (CRM) b) Towards a customer-centric approach c) The promotional mix as a stepping-stone to customer excellence 5. New business models: Making the necessary changes 6. Mapping out the road to commercial excellence 7. Sources 8. Who to contact about commercial excellence 3 4 6 10 14 18 19 22 26 30 38 41 42 3 | Commercial excellence in the pharmaceutical industry Letter from the authors For a while now, pharmaceutical companies have been faced with a multitude of difficult challenges. Financial pressures, regulatory changes and increasingly active stakeholders have put the industry’s sales growth and profitability to an ongoing and demanding test. In the past, many companies reacted to these obstacles by simply restructuring and downsizing their sales forces. Yet many onlookers now...

Words: 8654 - Pages: 35

Premium Essay

Intellectual Property in Automobile Industry

...Intellectual Property Theft in the Automotive Industry Scope, Trends, and Mitigating Strategies Table of Contents Introduction………………………………………………………………………………..3 Scope of Intellectual Property Theft………………………………………………………3 Intellectual Property Theft and China……………………………………………………..4 Intellectual Property Theft in the Automotive Industry…………………………………...5 The Subtle Pick-Off……………………………………………………………….5 Piracy and China’s Global Emergence…………..………………………………………..6 Consequences of IP Theft…………………………………………………………………7 Mitigating Strategies………………………………………………………………………7 The Autoweb Intellectual Property Exchange…………………………………………….8 Fusion-DX………………………...………………………………………………9 GlobalSource………………………………………………………………….…..9 Data Integration Services……………………………………………………….…9 GlobalSource...………………………………………………………………….…9 Integrated Translations…………………………………………………………….9 Autoweb Company Overview……………………………………………………10 Bibliography………………………………………………………..……………………11 www.autoweb.net 2 Introduction I ntellectual Property protection in the manufactured goods sector is not a new idea. Laws prohibiting manufactured goods counterfeiting and piracy activities existed as far back as the Middle Ages when bakers, artisans, and craftsmen used distinctive marks to distinguish their products and work from would-be counterfeiters. The general problems associated with modern day counterfeiting and intellectual property piracy have long been recognized, yet today’s high-tech economy has magnified the problem of...

Words: 3125 - Pages: 13

Free Essay

Hershy

...FACTS Contacts: Mark K. Pogharian Vice President, Investor Relations Tele: (717) 534-7556 Fax: (717) 534-6550 E-mail: mpogharian@hersheys.com Matthew F. Miller Investor Relations Manager Tele: (717) 534-7554 Fax: (717) 534-6550 E-mail: mfmiller@hersheys.com Prepared by: The Hershey Company Investor Relations Department 100 Crystal A Drive, P.O. Box 810 Hershey, PA 17033-0810 Internet: www.hersheys.com The Hershey Company Fact Book Table of Contents Page(s) 3 4 5-24 Mission Statement Acquisition/Divestiture Summary Key Corporate Events Financial Data Summary of Statements of Income - GAAP: 2011 & 2010 Summary of Statements of Income - Pro Forma: 2011 & 2010 Six-Year Consolidated Financial Summary Quarterly Performance (2010, 2009 & 2008) 2002 – 2010 GAAP & Non-GAAP Annual EPS Capitalization Financing Arrangements Long Term Financial Objectives Capital Expenditures Depreciation Cash Flow Analysis Share Repurchases Economic-ROIC HSY Stock Statistics Key Management Hershey Executive Team Operations U.S. Confectionery Industry U.S. Market Share U.S. Classes of Trade U.S. Snack Market Hershey Products Hershey Canada Hershey International Commodities Cocoa Sugar Hershey Manufacturing and Distribution 25 26 27 28 29 30 31 32 33 33 34 35-36 37 38-39 40 41-42 43-44 45 45 46-47 48-50 51-52 53-54 55 56 The Hershey Company What it means to stakeholders Consumers Delivering quality consumer-driven confectionery experiences for all occasions Employees ...

Words: 17143 - Pages: 69

Free Essay

Hershey Facts

...FACTS Contacts: Mark K. Pogharian Vice President, Investor Relations Tele: (717) 534-7556 Fax: (717) 534-6550 E-mail: mpogharian@hersheys.com Matthew F. Miller Investor Relations Manager Tele: (717) 534-7554 Fax: (717) 534-6550 E-mail: mfmiller@hersheys.com Prepared by: The Hershey Company Investor Relations Department 100 Crystal A Drive, P.O. Box 810 Hershey, PA 17033-0810 Internet: www.hersheys.com The Hershey Company Fact Book Table of Contents Page(S) 3 4 5-24 Mission Statement Acquisition/Divestiture Summary Key Corporate Events Financial Data Summary of Statements of Income - GAAP: 2010 & 2009 Summary of Statements of Income - Pro Forma: 2010 & 2009 Six-Year Consolidated Financial Summary Quarterly Performance (2010, 2009 & 2008) 2002 – 2010 GAAP & Non-GAAP Annual EPS Capitalization Financing Arrangements Long Term Financial Objectives Capital Expenditures Depreciation Cash Flow Analysis Share Repurchases Economic-ROIC HSY Stock Statistics Key Management Hershey Executive Team Operations U.S. Confectionery Industry U.S. Market Share U.S. Classes of Trade U.S. Snack Market Hershey Products Hershey Canada Hershey Mexico Hershey International Commodities Cocoa Sugar Hershey Manufacturing and Distribution 25 26 27 28 29 30 31 32 33 33 34 35-36 37 38-39 40 41-42 43-44 45 45 46-47 48-50 51 52-53 54-55 56 57 The Hershey Company What it means to stakeholders Consumers Delivering quality consumer-driven confectionery experiences for all occasions ...

Words: 17608 - Pages: 71