US: Smucker acquires Eagle Family Food
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.
Companies: J.M. Smucker
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....
JM Smucker has completed its previously announced acquisition of Eagle Family Food Holdings, a privately held producer of condensed and evaporated milk....
The board at J. M. Smucker has approved an increase in its share dividend....
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