US food company J M Smucker has announced the completion of its acquisition of International Multifoods in a transaction valued at US$840m, including approximately $340m in debt.
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With the acquisition of Multifoods, Smucker’s brand portfolio now includes Pillsbury baking mixes and ready-to-spread frostings, Hungry Jack pancake mixes, syrup, and potato side dishes, and Martha White baking mixes and ingredients. In Canada, Smucker acquires the Robin Hood flour and baking mixes and Bick’s pickles and condiments, as well as Golden Temple flour and rice in the ethnic food category.
When announcing the proposed acquisition in March, Orrville, Ohio-based Smucker said the acquisition would also provide the company with a stronger platform for growth, enhanced financial strength and significant cost savings due to better efficiencies, including an improved supply chain.
