Smucker completes purchase of Eagle Family Foods
May 02, 2007
by Eric Schroeder
ORRVILLE, OHIO — The J.M. Smucker Co. on Tuesday completed the acquisition of Eagle Family Foods Holdings Inc. for $133 million in cash as well as the assumption of $115 million in debt.
Eagle, based in Columbus, Ohio, is the largest producer of sweetened condensed and evaporated milk in the U.S. and Canada. The company generated $206 million in sales during fiscal year 2006. In addition to the Eagle brand, the company also markets other brands, including Magnolia sweetened condensed milk, None Such mincemeat, Borden eggnog and Kava acid-neutralized coffee.
The acquisition of Eagle is intended to help further the company’s efforts in growing the Latino market. J.M. Smucker will move Eagle’s headquarters to Orrville by the end of fiscal year 2008. The move is expected to generate a savings of about $9 million.