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Smucker Pays $360 Million To Acquire Rowland's Coffee Operations

DOW JONES NEWSWIRES J.M. Smucker Co. (SJM) said it completed a $360 million acquisition of the coffee brands and business operations of Rowland Coffee Roasters Inc., a deal the food maker said will strengthen its position in the U.S. retail space. The acquisition will add to Smucker's U.S. retail coffee segment, which is already the company's largest business by revenue. Smucker, which sells the Folgers and Kava coffee brands, will add Rowland's Hispanic Cafe Bustelo and Cafe Pilon brands to its lineup. Smucker reported an 11% increase in U.S. retail coffee sales for the nine months ended Jan. 31, while profit during that period grew 12%. But the commodity is being stung by higher future prices due to strong demand in emerging markets, disappointing harvests and speculative trading. Those factors have lead retailers to increase prices to pass along some of the cost to consumers. The Rowland acquisition includes a manufacturing, distribution and office facility in Miami. Privately held Rowland generated more than $110 million in sales last year. Smucker, which makes jams, jellies and Jif peanut butter, said the deal would be financed with cash on hand and borrowings under its existing credit facility. The transaction is expected to add about 5 cents a share to fiscal 2012 earnings, excluding one-time costs. The company intends to leverage its existing infrastructure to expand distribution and marketing support of the new brands. Manufacturing operations are expected to be consolidated into the company's existing sites in about three years. That move should result in additional cost savings of about 10 cents a share in the first full year after the consolidation is complete. Smucker said one-time costs are estimated to total $25 million to $30 million, with about $10 million expected to be recorded in fiscal 2012. Smucker's shares closed down 0.3% to $75.22 and were inactive after hours. The stock is up 15% this year. -By John Kell, Dow Jones Newswires; 212-416-2480;

Stock News for Smuckers J M (SJM)
05/24/201611:10:00J.M. Smucker Cuts Coffee Prices
05/24/201608:00:00The J. M. Smucker Company Announces Coffee Price Decreases
05/20/201614:13:00FDA Approves Controversial Changes to Nutrition Facts Panel--4th...
05/20/201612:09:00FDA Approves Controversial Changes to Nutrition Facts Panel--3rd...
05/19/201617:00:00The J. M. Smucker Company Announces Webcast of Fourth Quarter...
05/05/201618:43:13Statement of Changes in Beneficial Ownership (4)
05/02/201616:51:20Statement of Changes in Beneficial Ownership (4)
04/26/201608:13:00Smucker Partners with Seven Team USA Athletes for the Rio 2016...
04/22/201617:15:00The J. M. Smucker Company Declares Dividend And Announces Annual...
04/22/201617:02:59Current Report Filing (8-k)
04/18/201617:45:25Statement of Changes in Beneficial Ownership (4)
04/06/201616:15:00The J.M. Smucker Company Announces Retirement of Corporate Officer...
04/05/201617:23:35Statement of Changes in Beneficial Ownership (4)
04/05/201617:20:09Statement of Changes in Beneficial Ownership (4)
04/04/201617:01:03Current Report Filing (8-k)
04/01/201618:29:31Statement of Changes in Beneficial Ownership (4)
03/30/201618:15:35Statement of Changes in Beneficial Ownership (4)
03/24/201617:11:54Statement of Changes in Beneficial Ownership (4)
03/18/201616:52:56Statement of Changes in Beneficial Ownership (4)
03/08/201616:15:00The J.M. Smucker Company Announces Executive Appointments

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