J.M. Smucker acquires Jif, Crisco brands from P&G

Nation's Restaurant News, Oct 29, 2001

ORRVILLE, OHIO -- The J.M. Smucker Co. agreed to purchase the Jif peanut butter and Crisco cooking oil brands from Cincinnati-based Procter & Gamble for $1 billion in stock.

The acquisition also includes the Jif and Crisco manufacturing plants in Lexington, Ky., and Cincinnati. Procter & Gamble stockholders will get one share of J.M. Smucker stock for every 50 shares of P&G they hold.

As a result of the transaction, Smucker said, it expects to double its sales to about $1.3 billion.

"Jif and Crisco are strong U.S. brands, but they're no longer a strategic fit for P&G, as we focus on building our big brands in core categories," said A.G. Lafley, chief executive and president of Procter & Gamble. "At Smucker they will continue to enjoy a prominent position in another one of America's most admired companies, with an over-100-year proven track record of quality brand management."

Richard Smucker, president and co-chief executive of Smucker, said the purchase "will strengthen our position to acquire other complementary leading food brands, providing opportunity for greater top- and bottom-line growth and clearly enhancing shareholder value."