JM Smucker has completed its previously announced acquisition of Eagle Family Food Holdings, a privately held producer of condensed and evaporated milk.

The transaction was valued at a total of US$248m, consisting of a cash payment of $133m and the assumption of $115m in outstanding debt.

Eagle is North America's largest producer of sweetened condensed and evaporated milk. Smucker said the deal increases the company's presence in the baking aisle, alongside the Crisco, Pillsbury, Martha White, White Lily and PET(R) brands in the US and the Crisco, Robin Hood and Five Roses brands in Canada.

Smucker added that the deal opens future growth opportunities and increases the possibilities of further cross marketing and promotion.