Overview of the Tootsie Roll Company

Brief Description of the Company

Tootsie Roll Industries, Inc (the Company) is a public confectionary manufacture based in Chicago, Illinois, was incorporated in 1922. The Company’s product range accounts up to 22 international brands that operate on the United States, Canadian, Mexican markets, and distribution in over 75 countries worldwide. (Tootsie, n.d.)

Company History

Tootsie Roll Industries, Inc oirginated in 1896 by Leo Hirshfield, an Austrian immigrant to the United States. The initial location was in a “small shop in New York”, but opened “a large Midwest plant in Chicago” over time. Leo Hirshfield named his candies after his daughter’s nickname “Tootsie”. In 1931, the Tootsie Pop – a hard candy lollipop was -developed and Tootsie Roll filling invented. In 1966, the company took on its current name of Tootsie Roll Industries, Inc. and began expanding its operations abroad, first into the Philippines and Southern Asia, then into Canada and Mexico. In 1991, the Company acquired the Charms Company – the largest lollipop manufacturer and two years after Warner Lambert’s chocolate and caramel division (Tootsie Roll Industries, Inc. n.d., para. 1, 5) In 2000, the Company purchased Andes Mints brand, and in 2004, Concord Confections, maker of Dubble Bubble.

Tootsie Roll Industries Inc. Organization

The Company is family run and managed conservatively with management owning 48% of the stock and 70% of the voting stock, consistently paying both cash and stock dividends. The Chairman, Melvin Gordon has been in charge since 1962. (Shuering, 2008, para 7). Tootsie Roll Industries possesses the following subsidiaries: Andes Candies Inc., Concord (GP) Inc., Concord Brands, Ltd. (Canada), Concord Canada Holdings ULC, Concord Confections Holdings USA, Inc., Concord Confections, Ltd. (Canada), Concord Partners LP, JT Company, Inc., The Sweets Mix Company, Inc., Tootsie Roll of Canada Ltd., Tootsie Roll Worldwide Ltd, Tootsie Rolls-Latin America, TRI de...