The J. M. Smucker Company Announces Agreement to Acquire Europe's Best(R) Frozen Fruits and Vegetables in Canada
ORRVILLE, Ohio, March 4 /PRNewswire-FirstCall/ -- 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 2008.
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 license.
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.
SOURCE J. M. Smucker Company
CONTACT: 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
