You’re standing in the checkout line, and you grab a Reese’s or a classic silver-wrapped bar. You might assume some massive, faceless global conglomerate like Nestlé or PepsiCo owns the whole operation. Honestly, it’s a fair guess in a world where three or four companies seem to own everything we eat. But the answer to what company owns Hershey is actually one of the weirdest and most heartwarming stories in American business.
The Hershey Company isn't a subsidiary of some bigger food giant. It’s a massive, independent, publicly traded corporation (NYSE: HSY). However—and this is the part that trips people up—it is "controlled" by a non-profit entity called the Hershey Trust Company.
Basically, a school for underprivileged kids has the final say in what happens to your favorite chocolate bar.
The Hershey Trust: The Power Behind the Bar
When you ask what company owns Hershey, you have to look at the voting power. In the corporate world, owning shares is one thing, but having the votes to make decisions is what actually matters.
The Hershey Trust Company acts as the trustee for the Milton Hershey School. As of early 2026, this Trust holds roughly 80% of the total voting power of The Hershey Company. They don't own every single slice of the pie, but they definitely own the kitchen and the oven.
Why is it set up like this?
Back in 1918, Milton Hershey—who had no children of his own—quietly signed over his entire fortune and his controlling interest in the company to a trust for the orphanage he and his wife, Catherine, had started. He didn't even tell the public for five years. He just wanted to make sure the school would never run out of money. Today, that "little school" has grown into a multi-billion dollar institution that provides a cost-free education and home to over 2,000 students.
How the Math Breaks Down
If you’re looking at the raw numbers, the ownership looks a bit like a jigsaw puzzle:
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- Hershey Trust Company: Controls about 78.8% to 80% of the voting power. They do this through "Class B" shares, which carry ten times the voting weight of regular shares.
- Institutional Investors: Big names like Vanguard and BlackRock own a huge chunk of the "Common Stock" (Class A).
- Individual Investors: People like you and me who might have a few shares in a 401(k).
Does Nestlé or Mondelez Own Hershey?
This is a massive misconception. You've probably seen a Kit Kat bar with the Hershey logo in the U.S. and a Nestlé logo everywhere else. That gets people confused.
Here’s the deal: Hershey has a perpetual license to manufacture and sell Kit Kat and Rolo in the United States. They pay for that right, but they don't own those brands globally. Nestlé owns them.
And then there's Mondelez.
In late 2024 and throughout 2025, rumors swirled—yet again—that Mondelez International (the folks behind Oreo) wanted to buy Hershey. They even made a massive $23 billion bid years ago that got shut down. Every time a big company tries to buy Hershey, they hit a brick wall. That wall is the Hershey Trust. Because the Trust is legally bound to support the school and the town of Hershey, Pennsylvania, it’s incredibly difficult for a hostile takeover to succeed. The state’s Attorney General usually gets involved, and the local community fights it tooth and nail.
Who is Running the Show Today?
While the Trust holds the keys, they don't manage the day-to-day chocolate making. They hire professionals for that.
As of August 2025, Kirk Tanner took over as the President and CEO of The Hershey Company. He’s a veteran from the food and beverage world, having spent years at PepsiCo. He stepped in during a big transition period as Hershey tries to move beyond just being a "chocolate company" and into a "snacking powerhouse."
You’ve probably noticed they’re buying up brands like Dot’s Homestyle Pretzels and SkinnyPop. That’s all part of the plan to make sure they aren't just relying on cocoa prices, which, let’s be real, have been a bit of a nightmare lately.
The 2026 Landscape
Right now, the company is leaning hard into digital manufacturing. They recently opened a massive, fully integrated digital plant for Reese’s. It’s a far cry from the original factory Milton built in the middle of a cornfield in 1903.
Why the Ownership Structure Matters for You
You might think, "Who cares who owns it as long as the Reese’s taste the same?"
But the ownership of what company owns Hershey affects everything from the price of the candy to the stability of the American snack market. Because the Trust relies on dividends (the payments a company makes to its shareholders) to fund the school, Hershey is under immense pressure to stay profitable and keep those checks coming.
This means:
- Consistent Dividends: Investors love Hershey because the company basically has to pay out dividends to keep the school running.
- Resistance to Change: It’s harder for Hershey to make massive, risky pivots because the Trust prefers steady, long-term growth over "move fast and break things" tech-style strategies.
- Social Responsibility: Because the brand is so tied to a charity, they face a lot of heat if there are issues in their supply chain, like the recent 2024 and 2025 debates over cocoa farming practices in West Africa.
Actionable Insights for the Curious
If you’re looking at Hershey from an investment or just a consumer perspective, here are a few things to keep in mind:
- Check the Label: If you see a brand you love suddenly sporting a Hershey logo (like Lily's Sweets or Sour Strips), it’s because the company is aggressively diversifying.
- Watch the Trust: Any news regarding the Hershey Trust Company’s board usually signals a change in the wind for the chocolate company itself.
- The "Kit Kat" Rule: Remember that Hershey is a licensing pro. They don't have to own a brand to make money off it in the U.S.
The next time someone asks you about what company owns Hershey, you can tell them it’s not a "what," it’s a "who." It’s a legacy left behind by a man who wanted his success to pay for the education of thousands of kids he’d never meet. That’s a lot more interesting than just another corporate merger.
To get a better sense of how this unique business model compares to other giants, look into the "dual-class share structure" of companies like Ford or Google. You'll see that while many companies use this to keep founders in power, Hershey is one of the few that uses it to protect a massive charitable mission. You might also want to follow the 2026 release of the major motion picture HERSHEY, which covers the life of Milton and Catherine—it’s expected to dive deep into why they made these specific financial choices.