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DJ Hershey: Cocoa-Butter Price Dynamics Softened Surcharge Effect -- Market Talk

· 02/04/2021 15:00

15:00 ET - Hershey saw "temporary market opportunities through the year" that led to declining prices for cocoa butter, one of the products the company uses to make candy, finance chief Steve Voskuil said in remarks tied to Hershey's 4Q report. Those dynamics "softened the impact of the increased investment associated with the living income differential this year," he adds. Hershey and some other candy companies have faced accusations that they have tried to avoid the income differential, a $400-a-ton surcharge on cocoa from West Africa that is meant in part to combat poverty. Hershey is fully participating in the differential program for 2020 and 2021, Voskuil says. (micah.maidenberg@wsj.com; @MicahMaidenberg)

(END) Dow Jones Newswires

February 04, 2021 15:00 ET (20:00 GMT)

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