ORRVILLE, Ohio, July 13, 2016 /PRNewswire/ -- The J. M.
Smucker Company (NYSE: SJM) today announced that the Board of
Directors has approved an increase in the quarterly dividend from
$0.67 to $0.75 per common share, an increase of 12
percent. The dividend will be paid on Thursday, September 1, 2016, to shareholders of
record at the close of business on Friday,
August 12, 2016.
"We are pleased with the Board's action to significantly
increase the quarterly dividend rate, which represents our
fifteenth consecutive year of dividend growth," commented
Mark Smucker, Chief Executive
Officer. "This action reflects the confidence we have in the
ongoing growth potential of our businesses and brands, and the
Company's continued focus on returning a significant portion of its
free cash flow back to shareholders."
The J. M. Smucker Company Forward-Looking Statements
This press release contains forward-looking statements that are
subject to risks and uncertainties that could cause actual results
to differ materially from future results, performance, or
achievements expressed or implied by those forward-looking
statements. The risks, uncertainties, important factors, and
assumptions listed and discussed in this press release, which could
cause actual results to differ materially from those expressed,
include: the ability to achieve synergies and cost savings related
to the Big Heart Pet Brands acquisition in the amounts and within
the time frames currently anticipated and to effectively manage the
related integration costs; the ability to generate sufficient cash
flow to meet the Company's deleveraging objectives; volatility of
commodity, energy, and other input costs; risks associated with
derivative and purchasing strategies employed to manage commodity
pricing risks; the availability of reliable transportation on
acceptable terms; the ability to implement and realize the full
benefit of price changes, and the impact of the timing of the price
changes to profits and cash flow in a particular period; the
success and cost of marketing and sales programs and strategies
intended to promote growth in the businesses, including the
introduction of new products; general competitive activity in the
market, including competitors' pricing practices and promotional
spending levels; the impact of food security concerns involving
either the Company's or its competitors' products; the impact of
accidents, extreme weather, and natural disasters; the
concentration of certain of the Company's businesses with key
customers and suppliers, including single-source suppliers of
certain raw materials and finished goods, and the ability to manage
and maintain key relationships; the timing and amount of capital
expenditures and share repurchases; impairments in the carrying
value of goodwill, other intangible assets, or other long-lived
assets or changes in useful lives of other intangible assets; the
impact of new or changes to existing governmental laws and
regulations and their application; the outcome of tax examinations,
changes in tax laws, and other tax matters; foreign currency and
interest rate fluctuations; and risks related to other factors
described under "Risk Factors" in other reports and statements
filed with the Securities and Exchange Commission, including the
most recent Annual Report on Form 10-K. The Company undertakes no
obligation to update or revise these forward-looking statements,
which speak only as of the date made, to reflect new events or
circumstances.
About The J. M. Smucker Company
For nearly 120 years, The J. M. Smucker Company has been
committed to offering consumers quality products that bring
families together to share memorable meals and moments. Today,
Smucker is a leading marketer and manufacturer of consumer food and
beverage products and pet food and pet snacks in North America. In consumer foods and
beverages, its brands include Smucker's®, Folgers®, Jif®,
Dunkin' Donuts®, Crisco®, Pillsbury®, R.W. Knudsen Family®, Hungry
Jack®, Café Bustelo®, Martha White®, truRoots®, Sahale
Snacks®, Robin Hood®, and Bick's®. In pet food and pet
snacks, its brands include Meow Mix®, Milk-Bone®, Kibbles 'n
Bits®, Natural Balance®, and 9Lives®. 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. For more information
about the Company, visit jmsmucker.com.
The J. M. Smucker Company is the owner of all trademarks
referenced herein, except for the following, which are used under
license: Pillsbury® is a trademark of The Pillsbury Company,
LLC, and Dunkin' Donuts® is a registered trademark of DD IP
Holder, LLC.
Dunkin' Donuts® brand is licensed to The J. M. Smucker
Company for packaged coffee products sold in retail channels such
as grocery stores, mass merchandisers, club stores, and drug
stores. This information does not pertain to Dunkin' Donuts®
coffee or other products for sale in Dunkin' Donuts®
restaurants.
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SOURCE The J.M. Smucker Company