Hershey is reorganizing its workforce to align with its long-term growth plans. The company is laying off about 200 employees, or 1% of its 20,000-person workforce, while also creating new roles in areas such as technology and data science to drive growth.
According to a statement from Hershey, the company is focused on transforming its business to become a Leading Snacking Powerhouse by evolving its capabilities, systems, and ways of working.
In addition to its iconic brands like Kisses, SkinnyPop, and Heath, Hershey has announced plans to streamline its operations and leverage technology to generate $300 million in savings. This includes cutting jobs and tightening spending in certain areas of the business.
Like many other food and beverage companies, Hershey has raised prices to offset rising costs, particularly in cocoa. The company has also been impacted by reduced consumer spending.
Recently, Hershey lowered its profit and sales forecast for 2024, citing a decline in net sales during the second quarter of the year. The company is navigating challenges in a changing market landscape.