Russell Stover Candies
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| Company type | Private (Independent subsidiary )[1] |
|---|---|
| Industry | Chocolate confections |
| Founded | Denver, Colorado, U.S. (1923) |
| Founder | Russell William Stover and Clara Stover |
| Headquarters | , United States |
Number of locations | Kansas City, Missouri, Chicago, Illinois, Corsicana, Texas |
| Products | Chocolate Confections |
| Owner | Lindt & Sprüngli |
| Parent | Lindt & Sprüngli |
| Subsidiaries | Whitman's, Pangburn's Chocolates, and Weight Watchers (Private Label)) |
| Website | http://www.russellstover.com/ |
Russell Stover Chocolates, Inc., founded by Russell Stover, an American chemist and entrepreneur, and his wife Clara Stover in 1923, is an American supplier of candy, chocolate, and confections. The corporate headquarters are in Kansas City, Missouri.
In July 2014 the company was acquired by the Swiss company Lindt & Sprüngli.[2]
History
Eskimo Pie years
Russell Stover Candies did not start with candy. In 1921, Russell Stover and his partner at the time, Iowa schoolteacher Christian Kent Nelson, created the world's first chocolate-dipped ice cream bar. At a dinner party, Russell's wife Clara Stover suggested calling it an Eskimo Pie. The product was a success for them, making them quite a fortune in their first year.[3]
Chocolate candies
However, as other companies soon began to release similar chocolate-dipped ice cream products, Russell Stover was nearly forced out of business. The Stovers sold their share of the company for $25,000 and moved to Denver, Colorado. In 1923, Russell and Clara created the new eponymous company from their home, packaging and selling boxed chocolates. They were originally named "Mrs. Stover's Bungalow Candies". However, 20 years later, in 1943, it was renamed Russell Stover Candies.[4]
Expansion
The company remained in the Stover family until 1969 when it was purchased by Louis Ward, who transformed the Midwest regional brand into a world-wide brand. The company expanded its chocolate brands by acquiring Whitman's in 1993 [4] and Pangburn's in 1999.[5] It was owned by the Ward family until July 14, 2014, when the Swiss chocolate maker Lindt bought Russell Stover Candies.[6]
Russell Stover Candies is the nation’s leading manufacturer of boxed chocolates and the third largest American chocolate manufacturer, trailing only Hershey and Mars. The company’s three brands – Russell Stover, Whitman's, and Pangburn's – account for more than 60 percent of all boxed chocolate sales in the United States.[7] Russell Stover candies are sold in nearly 40 company-owned retail stores and through 70,000 wholesale accounts in more than 20 countries, including the United States, Canada, and the United Kingdom. The company manufactures around 45,000 metric tons of chocolate annually.
References
- ^ https://money.cnn.com/2014/07/14/news/companies/russell-stover-lindt-sprungli
- ^ "Rapid expansion continues at Lindt & Sprüngli:" (PDF) (Press release). Lindt & Sprüngli. 14 Jul 2014. Archived from the original (PDF) on 2014-12-25. Retrieved 25 Nov 2014.
- ^ "History of Russell Stover Candies Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved 12 June 2017.
- ^ a b "Russell Stover Chocolates Timeline - Russell Stover Chocolates". www.russellstover.com. Retrieved 12 June 2017.
- ^ "Brands That I Love". 1 March 2003. Retrieved 12 June 2017.
- ^ Bray, Chad. "Swiss Chocolate Maker Lindt Will Buy Russell Stover Candies". DealBook. Retrieved 12 June 2017.
- ^ "Corp Profile". Retrieved 12 June 2017.
External links
