Fruit spreads and peanut butter company JM Smucker has authorised plans to repurchase 1m of its common shares.

Brokers have allowed the move under Rule 10b5-1, allowing a company to purchase shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.

In January 2006, JM Smuckers board of directors approved plans to repurchase up to 2m of its common shares. The total amount of shares purchased will not exceed 1m shares on this occasion however.

The company also produces oils, ice cream toppings, as well as health and natural foods and beverages.