US: JM Smucker closes Eagle deal
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.
Companies: J.M. Smucker
Nestlé has said its decision to sell the Carnation canned milk business in Canada was due to the unit no longer being a core focus for the company....
The Canadian arm of US food group J. M. Smucker has bought the Canadian Carnation canned milk products business from Nestlé....
US food group J. M. Smucker has posted a jump in first-quarter earnings thanks to the recent acquisition of the Eagle business and easier comparatives from last year....
JM Smucker, the leading producer of fruit spreads and peanut butter in the US, has posted a 19% rise in net income for the fourth quarter to US$42.5m....
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