Smucker acquires Carnation brand in Canada
October 01, 2007
by FoodBusinessNews.net Staff
ORRVILLE, OHIO — Smucker Foods of Canada Co., a subsidiary of The J.M. Smucker Co., has acquired the Canadian Carnation brand canned milk products business from Nestle Canada.
"The addition of the Carnation milk brand, with its long history and leading position, is an excellent fit with our strategy of owning and marketing leading North American food brands," said Tim Smucker, chairman and co-chief executive officer. "We are again expanding our presence in Canada, adding to the strong portfolio of our Robin Hood, Crisco, Eagle Brand and Five Roses brands in the baking aisle."
The line of products that were acquired includes evaporated milk, thick cream and skim milk powder with annual net sales of about $50 million. The acquisition also includes a manufacturing facility in Sherbrooke, Quebec.
The acquisition is expected to add about $30 million in net sales and be slightly accretive to earnings for the remainder of the fiscal 2008 year.