The Milky Way bar is made of nougat topped with caramel and covered with milk Chocolate. It was created in 1923 by Frank C. Mars and originally manufactured in Minneapolis, Minnesota. The name and taste derived from a then-popular malted milk drink of the day, not after the astronomical galaxy ;)
On March 10, 1925, the Milky Way trademark was registered in the US, claiming a first-use date of 1922. In 1924, the Milky Way bar was introduced nationally, with the chocolate for the coating was supplied by, yep you guessed it, Hershey's
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