| Type | Public (NYSE: TR) |
|---|---|
| Industry | Confectionery |
| Founded | 1896 |
| Headquarters | Chicago, Illinois, USA |
| Key people | Leo Hirshfield, founder |
| Products | Candy |
| Revenue | $ 493.64M USD |
| Operating income | $ 77.08M USD |
| Employees | 2,200 |
| Website | http://www.tootsie.com |
Tootsie Roll Industries (NYSE: TR) is a manufacturer of confectionery in the United States. Its best-known products have been Tootsie Rolls and Tootsie Pops.
In 1896 its founder Leo Hirshfield, an Austrian immigrant to the United States, started his candy business in a small shop located in New York City.[1] He decided he wanted a chocolate-tasting candy that would not melt in the heat, and that would be an economical artificial alternative to traditional chocolates. He named the candy after the nickname of his daughter, Clara "Tootsie" Hirshfield.[1] By 1905, production moved to a five-story factory. In 1917 the name of the company was changed to The Sweets Company of America. The business became a listed company in 1922. In 1931 the Tootsie Pop — a hard-candy lollipop with Tootsie Roll filling — was invented, and quickly became popular with Dust Bowl refugees during the Depression era because of its low price. During World War II, Tootsie Rolls became a standard part of American soldiers' field rations, due to the hardiness of the candy under a variety of environmental conditions.[1]
In 1935 the company was in serious difficulty. Its principal supplier of paper boxes, Joseph Rubin & Sons of Brooklyn — concerned about the possible loss of an important customer — became interested in the possibility of acquiring control. The company was listed on the New York Stock Exchange, but Bernard D. Rubin acquired a list of shareholders and approached them in person in order to purchase their shares. The Rubins eventually achieved control and agreed that Bernard would run the company as president. Bernard D. Rubin was able to steadily increase sales and restore profits, changing the formula of the Tootsie Roll and increasing its size, moving from Manhattan to a much larger plant in Hoboken, N.J., and guiding the company successfully through the difficult war years when vital raw materials were in short supply. When he died in 1948 he had increased the sales volume twelvefold. After his death his brother William B. Rubin became president and remained president until 1962. In 1966 the company adopted its current name of Tootsie Roll Industries, Inc.
The company has acquired several famous brands of confections such as The Candy Corporation of America's Mason Division (1972), Cella's Confections (1985), The Charms Company (1988), Warner-Lambert's candy division (1993; excluding gum and mints), Andes Candies (2000), and Concord Confections (2004).
Tootsie Roll Industries currently markets its brands internationally in Canada, Mexico, and over 75 other countries. The company's headquarters are located in southwestern Chicago, on the site of the former Tucker Corporation factory.
Tootsie Roll brands and products include:
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