The J. M. Smucker Company Announces Completion of the Acquisition of Eagle Family Foods Holdings, Inc.
ORRVILLE, Ohio, May 1 /PRNewswire-FirstCall/ -- The J. M. Smucker Company (NYSE: SJM) today announced the completion of the acquisition of Eagle Family Foods Holdings, Inc. ("Eagle"), a privately held company headquartered in Columbus, Ohio, for $133 million in cash and the assumption of $115 million in debt, in a transaction valued at $248 million.
The acquisition of Eagle, the largest producer of sweetened condensed and evaporated milk in the U.S. and Canada, increases Smucker's prominence in the baking aisle alongside the Crisco(R), Pillsbury(R), Martha White(R), White Lily(R) and PET(R) brands in the U.S. and the Crisco, Robin Hood(R) and Five Roses(R) brands in Canada, and provides additional opportunities for cross marketing and promotion.
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 and health and natural foods beverages in North America. Its family of brands includes Smucker's(R), Jif(R), Crisco(R), Pillsbury(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) 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. Uncertainties that could affect actual results include, but are not limited to, the ability of the Company to integrate the acquired businesses and achieve the amount and timing of the estimated cost savings and synergies from the acquisition, volatility of commodity markets from which raw materials are procured and the related impact on costs, the success in introducing new products and the competitive response, costs of new marketing and sales programs and strategies intended to promote growth in the Company's businesses, the ability to successfully implement price changes, and other factors affecting share prices and capital markets generally. 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.
CONTACT: Investors: Mark R. Belgya, Vice President, Chief Financial Officer and Treasurer, or Media: Maribeth Badertscher, Director, Corporate Communications, both of The J. M. Smucker Company, +1-330-682-3000
