J.M. Smucker acquires International Multifoods

US food conglomerate J.M. Smucker Company has acquired the consumer foods and foodservice products producer International Multifoods Corp for approximately USD 840 million, which includes the assumption of approximately USD 340 million in debt.

Under the terms of the agreement, Multifoods' shareholders will receive USD 25 per share in a combination of 80 percent Smucker common stock and 20 percent cash.

The total retail sales of the categories in which Smucker now participates will increase from USD 3 billion to over USD 6.5 billion, providing a strong platform for future growth. Combined sales will exceed USD 2.3 billion based on estimates for its financial year 2004.

Smucker is well known for brands such as Smucker's, Jif and Crisco, while International Multifoods is known for brands such as Pillsbury baking mixes and ready-to-spread frostings, Hungry Jack pancake mixes, syrup and potato side dishes and Martha White baking mixes and ingredients, amongst others.

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