Hershey Signs Groundbreaking Long-Term Agreement with Cocoa Cooperatives Aimed at Improving Farmer Income and Farm Resiliency

Core Insights - Hershey has announced a five-year agreement with nine cocoa-producing cooperatives in Côte d'Ivoire as part of its "Cocoa For Good" strategy, which involves a total investment of $500 million over ten years to improve the well-being of cocoa farming communities [1][4]. Group 1: Agreement Details - The agreement includes a memorandum of understanding between Hershey, Sucden, and the nine cooperatives, focusing on professionalizing cocoa farming, improving profitability, investing in community resources, and preserving the environment [2][4]. - This initiative aims to build lasting relationships with farmers, providing stability and enabling direct engagement in addressing on-farm challenges [2][3]. Group 2: Investment and Programs - In addition to the$500 million investment, Hershey launched a $40 million Income Accelerator program in 2023 and is funding the construction of primary schools in farming communities [4]. - The agreement aligns with Côte d'Ivoire's National Strategy for Sustainable Cocoa, ensuring a coordinated approach to address key challenges in the cocoa sector [4]. Group 3: Company Commitment - Hershey emphasizes the importance of collaboration across public and private sectors to improve farmer incomes, highlighting that trust is built through strong, long-lasting relationships [3]. - The company has a long-standing commitment to ethical operations and community support, dating back over 130 years [6].