10:18 AM EDT, 10/15/2024 (MT Newswires) -- Hershey (HSY) said Tuesday that it signed a five-year agreement with nine cocoa-producing cooperatives in the Ivory Coast, aiming to establish connections with farmers and ensure a stronger supply chain.

The company said the agreement is part of its 10-year "Cocoa For Good" strategy that also includes a $500 million investment to help cocoa farmers.

As part of the agreement, Hershey said it also entered into a memorandum of understanding with Sucden and the nine cooperatives to improve farmers' profitability and household wellbeing, among others.

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