ORRVILLE, Ohio, March 4 /CNW/ -- The J. M. Smucker Company (NYSE: SJM)
today announced that it has entered into an agreement, through a subsidiary,
to acquire Europe's Best, Inc., a privately owned company headquartered in
Montreal, Quebec. Europe's Best(R) is the number one brand of premium, all
natural, frozen fruit in Canada. Europe's Best has recently entered the U.S.
market and is now available at select retailers, primarily in the Eastern and
Southern regions of the country.
"The addition of Europe's Best is an excellent fit with our strategy of
owning and marketing North American food brands which hold the number one
position in their respective category," commented Tim Smucker, chairman and
co-chief executive officer.
"With the acquisition of Europe's Best, we continue to expand our
presence in Canada," added Mark Smucker, vice president, international. "Our
portfolio will now include eight number one brands, and provide a strong
platform for continued profitable growth."
The transaction is expected to close by the end of March 2008. For
fiscal 2009, the acquired business is expected to add approximately $70
million in net sales and be slightly accretive to earnings. Europe's Best's
administrative functions in Montreal are expected to be transitioned to the
Company's Canadian headquarters in Markham, Ontario, by the end of October
About The J. M. Smucker Company
The J. M. Smucker Company is the leading marketer and manufacturer of
fruit spreads, peanut butter, shortening and oils, ice cream toppings,
sweetened condensed milk, and health and natural foods beverages in North
America. Its family of brands includes Smucker's(R), Jif(R), Crisco(R),
Pillsbury(R), Eagle Brand(R), R.W. Knudsen Family(R), Hungry Jack(R), White
Lily(R) and Martha White(R) in the United States, along with Robin Hood(R),
Five Roses(R), Carnation(R) and Bick's(R) in Canada. The Company remains
rooted in the Basic Beliefs of Quality, People, Ethics, Growth and
Independence established by its founder and namesake more than a century ago.
Since 1998, the Company has appeared on FORTUNE Magazine's annual listing of
the 100 Best Companies to Work For in the United States, ranking number one in
2004. For more information about the Company, visit www.smuckers.com.
The J. M. Smucker Company is the owner of all trademarks, except
Pillsbury is a trademark of The Pillsbury Company, used under license and
Carnation is a trademark of Societe des Produits Nestle S.A., used under
The J. M. Smucker Company Forward-Looking Language
This press release contains forward-looking statements, including
statements regarding estimates of future earnings and cash flows and timing of
close for the transaction, that are subject to risks and uncertainties that
could cause actual results to differ materially. Other risks and uncertainties
that may materially affect the Company are detailed from time to time in the
respective reports filed by the Company with the Securities and Exchange
Commission, including Forms 10-Q, 10-K, and 8-K.
(Logo: http://www.newscom.com/cgi-bin/prnh/20071219/SMUCKERLOGO )
For further information:
For further information: Investors: Mark R. Belgya, Vice President,
Chief Financial Officer and Treasurer, or Sonal Robinson, Director, Corporate
Finance and Investor Relations, or Media: U.S.: Maribeth Badertscher,
Director, Corporate Communications, +1-330-682-3000, or Media, Canada: Cheryl
Malton, Communications and Recruitment Specialist, +1-905-940-7578, all of
The J. M. Smucker Company Web Site: http://www.smuckers.com