Orrville, Ohio, May 13, 2008 -The J.M. Smucker Company today announced that it has acquired the Knott's Berry Farm® food brand from ConAgra Foods, Inc. Knott's Berry Farm produces and markets high quality jams, jellies and preserves in the retail, gift boxes, and foodservice channels. The transaction does not include the Knott's Berry Farm amusement park, which is not owned by either company. Financial terms were not disclosed.
“Knott's Berry Farm is a well recognized brand with a long and rich history, complementing our existing line of fruit spreads and offering our consumers additional choices,” commented Vince Byrd, senior vice president, consumer market.
ConAgra Foods CEO Gary Rodkin said, “Knott's Berry Farm is a very good brand, but given our priorities, we simply could not give it the attention it needs to grow. This transaction makes solid business sense for us.” The transaction does not affect ConAgra Foods' previously announced expected sales and profit growth expectations for FY09.
The acquired business is expected to add approximately $40 million in annual net sales. Production will be transitioned to the Company's manufacturing facilities over the next four months.
About The J. M. Smucker Company
The J. M. Smucker Company is the leading marketer and manufacturer of fruit spreads, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk, and health and natural foods beverages in North America. Its family of brands includes Smucker's®, Jif®, Crisco®, Pillsbury®, Eagle Brand®, R.W. Knudsen Family®, Hungry Jack®, White Lily® and Martha White® in the United States, along with Robin Hood®, Five Roses®, Carnation®, Europe's Best® and Bick's® in Canada. The Company remains rooted in the Basic Beliefs of Quality, People, Ethics, Growth and Independence established by its founder and namesake more than a century ago. Since 1998, the Company has appeared on FORTUNE Magazine's annual listing of the 100 Best Companies to Work For in the United States, ranking number one in 2004. For more information about the Company, visit www.smuckers.com.
The J. M. Smucker Company is the owner of all trademarks, except Pillsbury is a trademark of The Pillsbury Company, used under license and Carnation is a trademark of Societe des Produits Nestle S.A., used under license.
About ConAgra Foods, Inc.
ConAgra Foods, Inc., is one of North America's leading packaged food companies, serving consumer grocery retailers, as well as restaurants and other foodservice establishments. Popular ConAgra Foods consumer brands include: Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, Marie Callender's, Orville Redenbacher's, PAM and many others.