J. M. Smucker (SJM) and JDE Peet's Announce Strategic Liquid Coffee Partnership
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The J.M. Smucker Co. (NYSE: SJM) and JDE Peet's announced a strategic partnership today which will allow JDE Peet's to support the Smucker Away From Home liquid coffee business with product development, production and foodservice equipment innovation.
"We are excited by the promise this partnership holds for our Away From Home liquid coffee business," said John Brase, Chief Operating Officer, The J.M. Smucker Co. "The agreement will allow us to more aggressively pursue liquid coffee innovation opportunities that will enhance current customer solutions and drive category growth."
"We are excited to partner with The J.M. Smucker Co. to offer liquid coffee products to their North American customers. Our proprietary liquid coffee system efficiently delivers large quantities of premium coffee in a hygienic manner, making it the perfect solution for hospitals, universities, hotels, conference centres and many other out-of-home customers," Satya Menard, Global President, Out-of-home, JDE Peet's.
In a related decision, The J.M. Smucker Co. plans to close and pursue a sale of its Suffolk, Virginia, production facility in the spring of calendar year 2022.
Additional terms of the partnership will not be disclosed. This partnership does not impact The J.M. Smucker Co.'s retail coffee business.
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