J. M. Smucker Completes Folgers Merger
The J. M. Smucker Company announces the completion of its previously disclosed merger with The Folgers Coffee Company, a former subsidiary of The Procter & Gamble Company. The cost of the transaction to Smucker is approximately $3 billion, including the issuance of Smucker common shares and $350 million of Folgers debt guaranteed by Smucker in connection with the merger. On October 31, 2008, Smucker paid a special dividend of five dollars per share to all Smucker shareholders of record at the close of business on September 30, 2008.
Richard Smucker, executive chairman and co-chief executive officer, says, "We are very pleased with the completion of the Folgers transaction and believe that, as the number one retail packaged coffee brand in the United States, Folgers clearly aligns with our strategy to own and market number one food brands in North America."
Folgers, founded in 1850, is a producer of retail packaged coffee products in the United States. Folgers broad product offering includes its original Folgers brand, Millstone and a license to manufacture and distribute Dunkin' Donuts coffee in the retail grocery market.
Richard Smucker, executive chairman and co-chief executive officer, says, "We are very pleased with the completion of the Folgers transaction and believe that, as the number one retail packaged coffee brand in the United States, Folgers clearly aligns with our strategy to own and market number one food brands in North America."
Folgers, founded in 1850, is a producer of retail packaged coffee products in the United States. Folgers broad product offering includes its original Folgers brand, Millstone and a license to manufacture and distribute Dunkin' Donuts coffee in the retail grocery market.