US: Smucker to acquire Europe’s Best

By: just-food.com | 4 March 2008

US food group J. M. Smucker is to buy Europe's Best, a frozen fruit processor based in Canada, for an undisclosed sum.

Europe's Best only recently entered the US market but J. M. Smucker chairman and CEO Tim Smucker said the business was "an excellent fit" with the company.

"The addition of Europe's Best is an excellent fit with our strategy of owning and marketing North American food brands which hold the number one position in their respective category," Smucker said.

The transaction is expected to complete by the end of March. For fiscal 2009, the acquired business is expected to add around US$70m in net sales and be slightly accretive to earnings.

"With the acquisition of Europe's Best, we continue to expand our presence in Canada," added Mark Smucker, vice president, international.

Sectors: Baby food, Chilled foods, Fresh produce

Companies: Smucker