J. M. Smucker Company (SJM) Acquires Knott's Berry Farm Food Brand
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Price: $103.66 +0.41%
Overall Analyst Rating:
NEUTRAL (
Down)
Dividend Yield: 2%
Revenue Growth %: -1.5%
Overall Analyst Rating:
NEUTRAL (
Down)Dividend Yield: 2%
Revenue Growth %: -1.5%
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The J. M. Smucker Company (NYSE: SJM)has acquired the Knott's Berry Farm(R) food brand from ConAgra Foods, Inc. (NYSE: CAG). Knott's Berry Farm produces and markets high quality jams, jellies, preserves, and gift boxes in the retail and foodservice channels. The transaction does not include the Knott's Berry Farm amusement park, which is not owned by either company.
Financial terms were not disclosed.
ConAgra Foods CEO Gary Rodkin said, "Knott's Berry Farm is a very good brand, but given our priorities, we simply could not give it the attention it needs to grow. This transaction makes solid business sense for us." The transaction does not affect ConAgra Foods' previously announced expected sales and profit growth expectations for FY09.
The acquired business is expected to add approximately $40 million in annual net sales for Smucker. Production will be transitioned to Smucker's manufacturing facilities over the next four months.
Financial terms were not disclosed.
ConAgra Foods CEO Gary Rodkin said, "Knott's Berry Farm is a very good brand, but given our priorities, we simply could not give it the attention it needs to grow. This transaction makes solid business sense for us." The transaction does not affect ConAgra Foods' previously announced expected sales and profit growth expectations for FY09.
The acquired business is expected to add approximately $40 million in annual net sales for Smucker. Production will be transitioned to Smucker's manufacturing facilities over the next four months.
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