The J.M. Smucker Company announced yesterday (2 April) that it has acquired Eagle Family Food Holdings, manufacturer of the Borden Eagle brand of sweetened condensed evaporated milk. 

Smucker has agreed to pay US$133m in cash and assume $115m in debt, the group revealed. Eagle had sales of $206m during its most recent fiscal year.

By mid-2008 Smucker said that it hopes to have closed the Eagle head office, transferring its operations to Smucker's HQ in Orrville, Ohio. Smucker will continue to operate Eagle plants in El Paso, Texas, and Seneca, Missouri.

"We are pleased to acquire Eagle and expand our position in the baking aisle," Smucker chairman and co-CEO Tim Smucker said.