HERSHEY ENTERTAINMENT AND RESORTS COMPANY is a privately held
corporation based in
* 1 History
* 1.1 Predecessors
* 1.2 Hershey Estates
* 1.3 HERCO / Hershey
* 2 Company divisions
* 2.1 Hershey
* 3 See also * 4 References * 5 External links
Milton S. Hershey founded the Hershey Chocolate Company as a
subsidiary of his
Lancaster Caramel Company . In 1900, the American
Caramel Company offered to purchase the
Lancaster Caramel Company for
$1 million. Hershey accepted the offer, maintaining ownership of the
Hershey Chocolate Company. In 1903, Hershey began purchasing land in
Derry Township, Pennsylvania, not far from the family homestead he
owned, to create a company town for his proposed chocolate factory.
To build the structures of the town, Hershey created a subsidiary
company called the Hershey Improvement Company. This company was the
predecessor to Hershey
In 1905, Hershey created the Hershey Trust Company to provide banking to the town of Hershey. In 1909, Hershey and his wife Catherine, who were unable to have children, established the Hershey Industrial School for orphan boys (renamed the Milton Hershey School in 1951). Hershey created a deed of trust establishing a trust fund for the school. He named the Hershey Trust Company as administrator of the school trust. In 1918, three years after Catherine Hershey died, Hershey transferred nearly all of his assets, including his control of the chocolate company, and various other entities, to the school. This made the Hershey Trust Company owner of the Hershey Improvement Company.
In 1920, Hershey experienced financial difficulty following the collapse in sugar futures. Hershey was forced to sign a promissory note from National City Bank to keep the chocolate company in business. Under the terms of the note, National City Bank sent R.J. DeCamp to be on the board of managers, to assume management of the company. DeCamp remained on the board until 1922, when the company settled the debt. During that time period, DeCamp prevented substantial improvements to the park or the town, as it was considered too costly an investment. Once Hershey regained control of the company, this made him realize that he should split his operations such that if the chocolate company ever failed again as it had, it wouldn't directly impact the town as the DeCamp period had.
In 1927, the Hershey Chocolate Company was incorporated, became a publicly traded company on the New York Stock Exchange , and became the Hershey Chocolate Corporation. The Cuban businesses held within the chocolate company were spun out into a privately owned company called Hershey Corporation. All of Hershey’s other non-chocolate business endeavors were incorporated into a separate entity known as HERSHEY ESTATES. All three entities were owned by the Hershey Trust Company - under public majority share or privately held ownership. This meant that the Hershey Estates was a distinctly separate company from the chocolate corporation.
In 1933, The Hotel Hershey opened, becoming Hershey Estate's second hotel in Hershey. Hershey Estates was a conglomeration, having ownership of such things as a bakery, electric company, creamery, sports arena, air park, amusement park, and lumber yard. The Estates company maintained this kind of control until the 1960s, when they began selling off public works companies such as the electric company, gave control of the roads they owned to Derry Township, and began closing poor performing divisions. In 1971, Hershey Estates began a large renovation project for Hershey Park, involving new rides, a gate around the park, live acts, and other kinds of entertainment. The park was also renamed Hersheypark.
HERCO / HERSHEY ENTERTAINMENT & RESORTS
In 1976, the company changed its name from Hershey Estates to HERCO,
Inc., because public perception led many to believe that Hershey
Estates referred to land that Milton Hershey once owned. In 1980, the
name was changed to the current name: Hershey
Between 1980 and 1987, HE&R began expanding their presence to hotels
Pocono Mountains ,
Ultimately, McKinney successfully lead the company back to financial
stability, which led to substantial growth within
Newkam served as CEO of HE&R until 2006, when Newkam was replaced by
Ted Kleisner . On January 1, 2013, William F. Simpson Jr. replaced
Kleisner as the CEO of Hershey
HERSHEY ENTERTAINMENT GROUP
HERSHEY RESORTS GROUP
* The Spa at
The Hotel Hershey
* The Jeweler at The
* The Bear's Den - Casual Sports-themed restaurant * Hershey Grill - Contemporary Cuisine with upscale casual ambiance * Fire ">
* ^ "The Hershey Company". The Hershey Company. Retrieved 20
* ^ "Paul Wallace Research Collection". Hershey Community Archives.
Retrieved March 19, 2015.
* ^ "The Opening of Hershey Park". The Hummelstown Sun. 25 May
1906. access-date= requires url= (help )
* ^ "Opening of Hershey Park". Lebanon Courier and Semi-Weekly
Report. May 30, 1906. p. 5. "Hershey Park will be formally opened to
the public on Memorial Day, May 30th.
* ^ A B C Jacques, Charles J. (1996). Hersheypark: The Sweetness of
Success. Pennsylvania: Amusement Park Journal. ISBN 0-9614392-2-X .
* ^ The Hershey Archives
* ^ "The Hershey Company". Hershey