The J.M. Smucker Company and The Procter & Gamble Company announced a definitive agreement

Food & Drink Weekly, Oct 15, 2001

The J.M. Smucker Company and The Procter & Gamble Company (P&G) announced a definitive agreement to merge the Jif peanut butter and Crisco cooking oils businesses into The J.M. Smucker Company in an all-stock transaction. Prior to completion, the Jif and Crisco brands and the associated assets will be spun off from the existing P&G Company and then immediately merged with The J.M.

Smucker Company. With successful closing of the transaction, Smucker expects its sales to approximately double, to $1.3 billion. For fiscal 2003, the first full year of integration, Smucker projects net earnings before one time costs associated with the transaction to be in the range of $95-105 million, almost three times current levels. This includes a provision for increased marketing support focused on the Jif and Crisco brands.