ORRVILLE, Ohio, Oct. 17,
2023 /PRNewswire/ -- The J.M. Smucker Co. (NYSE: SJM)
announced today it has entered into a definitive agreement to sell
its Bick's® pickles, Habitant® pickled beets,
Woodman's® horseradish and McLarens® pickled
onions brands to TreeHouse Foods, Inc. (NYSE: THS), a leading
private label food and beverage manufacturer in North America. The all-cash transaction is
valued at approximately $20 million
USD, subject to a working capital adjustment.
"This decision will allow us to enhance focus on growing our
position in the coffee, spreads, frozen handheld and pet categories
in Canada with leading and
emerging brands such as Folgers®, Smucker's®,
Jif®, Smucker's® Uncrustables®, Meow Mix® and
Milk-Bone®, and supporting continued leadership in the
baking category with our Robin Hood®, Five Roses®,
Carnation® and Eagle Brand® brands," said
Tim Wayne, Sr. Vice President and
General Manager, Away From Home, Canada and International. "On behalf of the
organization, I would like to extend our appreciation to the
employees who have worked diligently to support these brands, which
have played an important role in our Canadian portfolio."
The brands included in the transaction generated net sales
of approximately $60 million USD for
the Company's fiscal year ended April 30,
2023, which were reported in its International and Away From
Home results.
The Company expects the impact of the divestiture to be
immaterial to its adjusted earnings per share on a full-year basis.
The Company will provide additional information about the
transaction's impact on its fiscal year 2024 outlook during the
next quarterly earnings call.
The transaction is anticipated to close in the third quarter of
the Company's current fiscal year ending April 30, 2024,
subject to customary closing conditions.
About The J.M. Smucker Co.
At The J.M. Smucker Co., it is our privilege to make food people
and pets love by offering a diverse family of brands available
across North America. We are proud
to lead in the coffee, consumer foods, dog snacks and cat food
categories by offering brands consumers trust for themselves and
their families each day including Folgers®, Dunkin'®, Café Bustelo®,
Jif®, Smucker's® Uncrustables®, Smucker's®,
Milk-Bone® and Meow Mix®. Through our unwavering
commitment to producing quality products, operating responsibly and
ethically and delivering on our Purpose, we will continue to grow
our business while making a positive impact on society. For more
information, please visit jmsmucker.com.
The J.M. Smucker Co. is the owner of all trademarks referenced
herein, except for Dunkin'®, which is a trademark of DD IP
Holder LLC. The Dunkin'® brand is licensed to
The J.M. Smucker Co. for packaged coffee products sold in retail
channels such as grocery stores, mass merchandisers, club stores,
e-commerce and drug stores. This information does not pertain to
products for sale in Dunkin'® restaurants.
The J.M. Smucker Co. Forward Looking Statements
This press release ("Release") includes certain forward-looking
statements within the meaning of U.S. federal securities laws. The
forward-looking statements may include statements concerning our
current expectations, estimates, assumptions and beliefs concerning
future events, conditions, plans and strategies that are not
historical fact. Any statement that is not historical in nature is
a forward-looking statement and may be identified by the use of
words and phrases such as "expect," "anticipate," "believe,"
"intend," "will," "plan," "strive" and similar phrases. Federal
securities laws provide a safe harbour for forward-looking
statements to encourage companies to provide prospective
information. We are providing this cautionary statement in
connection with the safe harbor provisions. Readers are cautioned
not to place undue reliance on any forward-looking statements,
which speak only as of the date made, when evaluating the
information presented in this Release, as such statements are by
nature subject to risks, uncertainties and other factors, many of
which are outside of our control and could cause actual results to
differ materially from such statements and from our historical
results and experience. These risks and uncertainties include, but
are not limited to, the following: uncertainties related to the
timing of the consummation of the sale of the Bick's®,
Habitant®, Woodman's® and McLarens® brands to
TreeHouse Foods, Inc. (the "Transaction"); the possibility that any
or all of the conditions to the consummation of the Transaction may
not be satisfied or waived; and risks described under "Risk
Factors" in reports and statements filed by the Company with the
U.S. Securities and Exchange Commission. We do not undertake any
obligation to update or revise these forward-looking statements to
reflect new events or circumstances.
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SOURCE The J.M. Smucker Co.