ORRVILLE, Ohio, March 6, 2018 /PRNewswire/ -- The J. M.
Smucker Company (NYSE: SJM) ("Company") announced today that the
Company and Conagra Brands, Inc. ("Conagra") have agreed to
terminate the definitive agreement ("Agreement") for the Company to
acquire the Wesson® oil brand from Conagra. The
Agreement was previously announced on May
30, 2017. On March 5,
2018, the U.S. Federal Trade Commission ("FTC") announced
that it filed an administrative complaint challenging the proposed
transaction.
"While we disagree with the FTC's conclusion, we have mutually
determined with Conagra that it is not in the best interest of
either party to expend the anticipated significant additional time
and resources to challenge the FTC's administrative complaint,"
said Mark Smucker, Chief Executive
Officer. "We believe the FTC underestimated the significant
role that private label brands play in the oils category, which
account for approximately 50 percent of all cooking oil sales and
hold significantly higher market share at some retailers.
This transaction was expected to provide significant cost synergies
to ensure that branded oil products would remain competitive in the
market. We continue to be committed to delivering value to
our consumers and customers with our Crisco®
brand and oils business."
About The J. M. Smucker Company
For 120 years, The J.
M. Smucker Company has been committed to offering consumers quality
products that bring families together to share memorable meals and
moments. Today, Smucker is a leading marketer and manufacturer of
consumer food and beverage products and pet food and pet snacks in
North America. In consumer foods
and beverages, its brands include Smucker's®,
Folgers®, Jif®, Dunkin'
Donuts®, Crisco®,
Pillsbury®, R.W. Knudsen
Family®, Hungry Jack®, Café
Bustelo®, Martha
White®, truRoots®,
Sahale Snacks®, Robin
Hood®, and Bick's®. In pet
food and pet snacks, its brands include Meow Mix®,
Milk-Bone®, Kibbles 'n Bits®, Natural
Balance®, and 9Lives®. 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 the Company, visit jmsmucker.com.
The J. M. Smucker Company is the owner of all trademarks
referenced herein, except for the following, which are used under
license: Pillsbury® is a trademark of The
Pillsbury Company, LLC and 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