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Thursday, January 29, 2015

Chocolate maker Hershey to enter meat snacks business, cuts forecast, (NASDAQ: MDLZ)

Chocolate maker Hershey Co said it would purchase Krave Pure Foods Inc to enter the fast-growing meat snacks market, after higher demand for meat and bakery snacks hurt chocolate sales in the fourth quarter.The maker of Hershey's Kisses and Reese's Peanut Butter Cups also cut its sales and profit forecast for 2015, citing a stronger dollar and higher spending on advertising and promotions.Hershey's sales have taken a hit since it raised prices by about 8 percent last year as cocoa and dairy prices soared. Rivals Mondelez International Inc and Mars Chocolate North America also did the same.Hershey said on Thursday it now expects net sales to rise 5.5-7.5 percent this year, down from its previous forecast of 7-9 percent. It also trimmed its adjusted earnings growth forecast to 8-10 percent from 9-11 percent expected earlier.

Mondelez International, Inc. (Mondelez International) is a snack manufacturing company. Shares of MDLZ fell by 1.15% or $-0.415/share to $35.66. In the past year, the shares have traded as low as $31.83 and as high as $39.54. On average, 7909710 shares of MDLZ exchange hands on a given day and today's volume is recorded at 8297314.