Corporate & Financial News Releases
The J. M. Smucker Company to Acquire the Wesson® Oil Brand from Conagra Brands, Inc.
Under the terms of the Agreement, Conagra will continue to manufacture products sold under the Wesson® brand and provide certain other transition services for up to one year following the close of the transaction. After the transition period, the Company expects to consolidate Wesson® production into its existing oils manufacturing facility in
The Company anticipates the acquisition to add annual net sales of approximately
"The addition of Wesson® creates a strong complement to our Crisco® brand," said
The transaction is subject to customary closing conditions, including receipt of required regulatory approvals.
For 120 years, The
The J. M. Smucker Company Forward-Looking Statements
This press release contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows that are subject to risks and uncertainties that could cause actual results to differ materially from future results 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 of the parties to satisfy closing conditions, including receipt of required regulatory approvals, for the transaction, without unexpected delays or conditions; the ability of Conagra to meet its manufacturing and transition services requirements during the transition period; the ability to successfully integrate the acquired business in a timely and cost-effective manner; the ability to achieve cost efficiencies in the amounts and within the time frames currently anticipated and to effectively manage the related one-time costs; the ability to maintain an investment grade credit rating; the ability to generate sufficient cash flow to meet deleveraging objectives; volatility of commodity, energy, and other input costs; risks associated with derivative and purchasing strategies employed to manage commodity pricing risks; the ability to implement and realize the full benefit of price changes that are intended to ultimately fully recover costs; general competitive activity in the market, including competitors' pricing practices and promotional spending levels; the loss of significant customers, a substantial reduction in orders from these customers, or the bankruptcy of any such customer; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets or changes in useful lives of other intangible assets; and risks related to other factors described under "Risk Factors" in other reports and statements filed with the
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The J. M. Smucker Company, (330) 682-3000; Investors: Aaron Broholm, Vice President, Investor Relations; Media: Maribeth Burns, Vice President, Corporate Communications