ORRVILLE, Ohio, Jan. 2, 2024
/PRNewswire/ -- The J.M. Smucker Co. (NYSE: SJM) announced today
the closing of the transaction to sell its
Bick's® pickles, Habitant®
pickled beets, Woodman's® horseradish and
McLarens® pickled onions brands to TreeHouse
Foods, Inc. (NYSE: THS). The all-cash transaction is valued at
approximately $20 million USD,
subject to a working capital adjustment.
The Company previously announced the signing of a definitive
agreement for the transaction on October 17, 2023.
The Company expects the impact of the divestiture to be
immaterial to its adjusted earnings per share on a full-year basis.
The Company will provide additional information about the
transaction's impact on its fiscal year 2024 outlook during the
next quarterly earnings call.
The J.M. Smucker Co. Forward Looking Statements
This
press release ("Release") includes certain forward-looking
statements within the meaning of U.S. federal securities laws. The
forward-looking statements may include statements concerning our
current expectations, estimates, assumptions and beliefs concerning
future events, conditions, plans and strategies that are not
historical fact. Any statement that is not historical in nature is
a forward-looking statement and may be identified by the use of
words and phrases such as "expect," "anticipate," "believe,"
"intend," "will," "plan," "strive" and similar phrases. Federal
securities laws provide a safe harbour for forward-looking
statements to encourage companies to provide prospective
information. We are providing this cautionary statement in
connection with the safe harbor provisions. Readers are cautioned
not to place undue reliance on any forward-looking statements,
which speak only as of the date made, when evaluating the
information presented in this Release, as such statements are by
nature subject to risks, uncertainties and other factors, many of
which are outside of our control and could cause actual results to
differ materially from such statements and from our historical
results and experience. These risks and uncertainties include, but
are not limited to, the following: uncertainties related to the
timing of the consummation of the sale of the
Bick's®, Habitant®,
Woodman's® and McLarens® brands
to TreeHouse Foods, Inc. (the "Transaction"); the possibility that
any or all of the conditions to the consummation of the Transaction
may not be satisfied or waived; and risks described under "Risk
Factors" in reports and statements filed by the Company with the
U.S. Securities and Exchange Commission. We do not undertake any
obligation to update or revise these forward-looking statements to
reflect new events or circumstances.
About The J. M. Smucker Co.
At The J.M. Smucker Co., it is our privilege to make food people
and pets love by offering a diverse family of brands available
across North America. We are proud
to lead in the coffee, peanut butter, fruit spreads, frozen
handheld, sweet baked goods, dog snacks and cat food categories by
offering brands consumers trust for themselves and their families
each day including Folgers®, Dunkin'®, Café
Bustelo®, Jif®,
Smucker's® Uncrustables®,
Smucker's®, Hostess®,
Voortman®, Milk-Bone® and
Meow Mix®. Through our unwavering commitment to
producing high quality products, operating responsibly and
ethically and delivering on our Purpose, we will continue to grow
our business while making a positive impact on society. For more
information, please visit jmsmucker.com.
The J. M. Smucker Co. is the owner of all trademarks referenced
herein, except for Dunkin'®, which is a trademark
of DD IP Holder LLC. The Dunkin'® brand is licensed to
The J.M. Smucker Co. for packaged coffee products sold in retail
channels, such as grocery stores, mass merchandisers, club stores,
e-commerce and drug stores, as well as in certain away from home
channels. This information does not pertain to products for sale in
Dunkin'®
restaurants.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/the-jm-smucker-co-completes-the-divestiture-of-fermented-condiment-brands-in-canada-to-treehouse-foods-302024706.html
SOURCE The J.M. Smucker Co.