ORRVILLE, Ohio, Oct. 1 /CNW/ -- The J. M. Smucker Company (NYSE: SJM)
today announced that its subsidiary, Smucker Foods of Canada Co., has acquired
the Canadian Carnation brand canned milk products business from Nestle Canada,
including the rights to use the Carnation brand for these products in Canada.
Terms of the transaction were not disclosed. The current line of Carnation
branded milk products marketed in Canada that were acquired includes
evaporated milk, thick cream, and skim milk powder with annual net sales of
approximately $50 million.
"The addition of the Carnation milk brand, with its long history and
leading position, is an excellent fit with our strategy of owning and
marketing leading North American food brands," commented Tim Smucker, chairman
and co-chief executive officer. "We are again expanding our presence in
Canada, adding to the strong portfolio of our Robin Hood(R), Crisco(R), Eagle
Brand(R) and Five Roses(R) brands in the baking aisle."
In addition to the license for the Carnation brand in the evaporated,
thick cream, and powdered milk category in Canada, the acquisition includes a
manufacturing facility in Sherbrooke, Quebec, with 29 employees. For the
remainder of fiscal 2008, the acquired business is expected to add
approximately $30 million in net sales and be slightly accretive to earnings.
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) 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 Forward-Looking Language
This press release contains forward-looking statements, including
statements regarding estimates of future earnings and cash flows 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.
For further information:
For further information: Investors: Mark R. Belgya, Vice President,
Chief Financial Officer and Treasurer, Media: U.S.: Maribeth Badertscher,
Director, Corporate Communications, +1-330-682-3000, Canada: Cheryl Malton,
Communications and Recruitment Specialist, +1-905-940-7578, all of The J. M.
Smucker Company; Maureen Biason, Manager, Corporate Affairs of Nestle Canada,
+1-416-218-2688 Web Site: http://www.smuckers.com