J.M. Smucker acquires International Multifoods in $840 million deal
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Manufacturing News, Source : TheManufacturer.com
Published : 08 Mar 2004 16:13
Orrville, OH-based jam and jelly maker J.M. Smucker Company announced today that it was acquiring Minnetonka, MN-based International Multifoods for $500 million in cash and stock and the assumption of $340 million in debt.
Smucker said in a statement that the acquisition would increase its total retail sales from $3 billion to more than $6.5 billion.
Smucker, in addition to its namesake jam and jelly brand, also owns the Jif peanut butter and Crisco baking product brands. It will acquire International Multifoods’ Pillsbury baking mix and frosting brand and its Hungry Jack pancake mix and syrup brand, among others, including several popular Canadian baking product brands.
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