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HACKETTSTOWN, N.J. – Mars Chocolate North America is ticking up its prices for the first time in three years.
The Hackettstown-based company is instituting the price increase to reach a balance between desired marketing levels and manufacturing capabilities against rising costs, according to the National Confectioners Association's Candy & Snacks Today.
"In the three years since our last price increase, in March 2011, we have invested significantly in the category and have experienced a dramatic increase in our costs of doing business," a Mars spokesperson told the publication. "We have invested dollars in advertising, domestic manufacturing, sales resources and key innovations, which have contributed to category growth."
The report said the company has yet to release any specifics on how much prices will rise, but MarketWatch put the increase at approximately 7 percent.
The move comes one week after The Hershey Co. instituted a weighted average price increase of approximately 8 percent in wholesale prices across the United States on many of its instant consumable, multipack, packaged candy and grocery lines. The price increase took effect July 15, as CSNews Online previously reported.
Mars Chocolate, a unit of McLean, Va.-based Mars Inc., is a leading chocolate manufacturer with 29 brands, including M&M'S, Snickers, Dove/Galaxy, Mars/Milky Way and Twix.