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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; john.kell@dowjones.com

Stock News for Smuckers J M (SJM)
DateTimeHeadline
07/17/201409:38:23U.S. Hot Stocks: Hot Stocks to Watch
06/02/201409:12:07MARKET SNAPSHOT: Volume, VIX And Yields Are Stock Market's Bogeymen
02/14/201409:25:35Smucker Cuts Year Guidance
02/09/201408:16:39MARKET SNAPSHOT: Stocks Stabilize; Now It's Up To Yellen, The...
11/15/201307:11:09AQR Capital Management 3Q 13F: Largest Purchases -2-
11/15/201307:11:09AQR Capital Management 3Q 13F: Largest Purchases
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep -2-
08/21/201309:11:50U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
08/21/201308:20:08J.M. Smucker 1st-Quarter Net Up 14%; Acquires Enray
06/06/201316:44:32MARKET SNAPSHOT: U.S. Stocks Rebound After Choppy Session
06/06/201315:23:16MARKET SNAPSHOT: U.S. Stocks Fluctuate Wildly As Job Report Looms
06/06/201314:36:28MARKET SNAPSHOT: U.S. Stocks Edge Lower As Japanese Yen Jumps
05/31/201316:30:16WEEK AHEAD: More Retailers to Report; Jobs Report on Friday
05/03/201313:11:39Kraft Cuts Gevalia Coffee Price 6% Due to Lower Costs
04/12/201308:29:44Starbucks Lowers Price of Coffee Sold in Grocery Stores
02/22/201312:47:00Kraft Cuts U.S. Coffee Prices by 6%, Following J.M. Smucker
02/15/201312:50:05Campbell, Smuckers Sales Rise; Kraft Struggles
02/15/201312:43:17Campbell, Smuckers Sales Rise; Kraft Struggles After Spinoff
02/08/201316:40:23WEEK AHEAD: McGraw-Hill, Consumer-Foods Companies to Report Results

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