ORRVILLE, Ohio, May 14, 2018 /PRNewswire/ -- The J. M.
Smucker Company (NYSE: SJM) (the "Company" or "Smucker") announced
today it has completed the acquisition of Ainsworth Pet Nutrition,
LLC ("Ainsworth") in a transaction valued at approximately
$1.7 billion, after an estimated tax
benefit of $200 million. The
Company previously announced the signing of a definitive agreement
to acquire Ainsworth on April 4,
2018.
Ainsworth is a leading producer, distributor, and marketer of
premium pet food and pet snacks, predominately within the United
States. Approximately two-thirds of Ainsworth's sales are
generated by the Rachael Ray™
Nutrish® brand, which is driving significant
growth in the premium pet food category.
"We are excited to have completed this transaction, which
increases the scale and further accelerates the growth profile of
our pet food and pet snacks business," said Mark Smucker, Chief Executive Officer.
"The Ainsworth team has done a tremendous job growing this
business, building Rachael Ray™
Nutrish® into one of the most recognizable
premium pet food brands in the United States. We are pleased
to welcome the Ainsworth employees into the Smucker family and look
forward to working with this talented team as we continue to grow
our pet food business together."
As previously announced, in connection with the closing of the
transaction, Jeff Watters, who
served as the President and Chief Executive Officer of Ainsworth,
has joined the Company, assuming the role of Senior Vice President
and General Manager, Ainsworth. In this role, Jeff will
support the integration of Ainsworth into the Company's pet food
business as a key member of the pet leadership team.
The Company funded the acquisition through the combination of a
$1.5 billion term loan and borrowings
under the Company's commercial paper program.
About The J. M. Smucker Company
For more than 120
years, The J. M. Smucker Company has brought families together to
share memorable meals and moments. Guided by a vision to engage,
delight, and inspire consumers through trusted food and beverage
brands that bring joy throughout their lives, Smucker has grown to
be a well-respected North American marketer and manufacturer with a
balanced portfolio of leading and emerging, on-trend brands. In
consumer foods and beverages, its brands include
Smucker's®, Folgers®,
Jif®, Dunkin' Donuts®,
Crisco®, Café Bustelo®, R.W.
Knudsen Family®, Sahale Snacks®,
Smucker's® Uncrustables®,
Robin Hood®, and
Bick's®. In pet food and pet snacks, its brands
include Rachael Ray™ Nutrish®,
Meow Mix®, Milk-Bone®, Kibbles 'n
Bits®, Natural Balance®, and Nature's
Recipe®. 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. For more information about our Company, visit
jmsmucker.com.
The J. M. Smucker Company is the owner of all trademarks
referenced herein, except for Dunkin' Donuts®,
which is used under license: Dunkin' Donuts® is a
registered trademark of DD IP Holder LLC.
Dunkin' Donuts® brand is licensed to The J. M.
Smucker Company for packaged coffee products sold in retail
channels such as grocery stores, mass merchandisers, club stores,
and drug stores. This information does not pertain to
Dunkin' Donuts® coffee or other products for sale
in Dunkin' Donuts® restaurants.
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SOURCE The J.M. Smucker Company