Announcements

Job offersmore »






Specialsmore »

Top 5 - yesterday

Top 5 - last week

Top 5 - last month

Exchange ratesmore »




A+ | A-
US: J.M. Smucker acquires Montreal-based Europe's Best frozen fruit

The J.M. Smucker Co., America's biggest maker of jam and peanut butter, is spreading out further in Canada with the acquisition of Europe's Best Inc., a frozen-fruit maker headquartered in Montreal. The terms of the takeover were not disclosed Tuesday, but Smucker said privately held Europe's Best, which recently entered the U.S. market, is expected to add US$70 million in annual sales.

The acquisition "is an excellent fit with our strategy of owning and marketing North American food brands which hold the No. 1 position in their respective category," stated chairman and co-CEO Tim Smucker.

Last October, Smucker acquired the Carnation canned-milk business in Canada from Nestle for an undisclosed price, and it said Tuesday its Canadian portfolio "will now include eight No. 1 brands, and provide a strong platform for continued profitable growth."

The administration of Europe's Best is to be transferred by the end of October to the Markham, Ont., Canadian headquarters of Ohio-based Smucker, whose panoply of brands includes Smucker's, Jif, Crisco, Pillsbury, Robin Hood, Carnation and Bick's.


Source: canadianpress.google.com

Publication date: 3/5/2008


 


Receive the daily newsletter in your email for free | Click here


 

Other news in this sector: