ORRVILLE, Ohio, Nov. 1, 2023
/PRNewswire/ -- The J.M. Smucker Co. (NYSE: SJM) announced
today the closing of the transaction to sell its Sahale
Snacks® brand to Second Nature Brands. The
all-cash transaction is valued at approximately $34 million, subject to a working capital
adjustment.
The Company previously announced the signing of a definitive
agreement for the transaction on September 27, 2023. The
transaction includes all trademarks and the Company's leased
manufacturing facility in Seattle,
Washington, including about 100 employees who will
transition with the business.
The Company expects the impact of the divestiture to be
immaterial to its adjusted earnings per share on a full-year basis.
The Company will provide additional information about the
transaction's impact on its fiscal year 2024 outlook during the
next quarterly earnings call.
The J.M. Smucker Co. Forward Looking Statements
This
press release ("Release") includes certain forward-looking
statements within the meaning of federal securities laws. The
forward-looking statements may include statements concerning our
current expectations, estimates, assumptions and beliefs concerning
future events, conditions, plans and strategies that are not
historical fact. Any statement that is not historical in nature is
a forward-looking statement and may be identified by the use of
words and phrases such as "expect," "anticipate," "believe,"
"intend," "will," "plan," "strive" and similar phrases. Federal
securities laws provide a safe harbor for forward-looking
statements to encourage companies to provide prospective
information. We are providing this cautionary statement in
connection with the safe harbor provisions. Readers are cautioned
not to place undue reliance on any forward-looking statements,
which speak only as of the date made, when evaluating the
information presented in this Release, as such statements are by
nature subject to risks, uncertainties and other factors, many of
which are outside of our control and could cause actual results to
differ materially from such statements and from our historical
results and experience. These risks and uncertainties include, but
are not limited to, those described under "Risk Factors" in reports
and statements filed by the Company with the U.S. Securities and
Exchange Commission. We do not undertake any obligation to update
or revise these forward-looking statements to reflect new events or
circumstances.
About The J.M. Smucker Co.
At The J.M. Smucker
Co., it is our privilege to make food people and pets love by
offering a diverse family of brands available across North America. We are proud to lead in the
Coffee, Consumer Foods, Dog Snacks and Cat Food categories by
offering brands consumers trust for themselves and their families
each day including Folgers®,
Dunkin'®, Café Bustelo®,
Jif®, Smucker's®
Uncrustables®, Smucker's®,
Milk-Bone® and Meow Mix®.
Through our unwavering commitment to producing quality products,
operating responsibly and ethically and delivering on our Purpose,
we will continue to grow our business and the positive impact we
have on society. For more information, please visit
jmsmucker.com.
The J.M. Smucker Co. is the owner of all trademarks referenced
herein, except for Dunkin'® which is a trademark
of DD IP Holder LLC. The Dunkin'® brand is
licensed to The J.M. Smucker Co. for packaged coffee products sold
in retail channels such as grocery stores, mass merchandisers, club
stores, e-commerce and drug stores. This information does not
pertain to products for sale in Dunkin'®
restaurants.
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SOURCE The J.M. Smucker Co.