Smucker may repurchase up to 1 million shares
February 21, 2008
by Jeff Gelski
ORRVILLE, OHIO — The J.M. Smucker Co. has entered into a Rule 10b5-1 trading plan with a broker to facilitate the repurchase of up to 1 million of its common shares. The purchase period was to begin Feb. 21.
Rule 10b5-1 allows a company to purchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. The shares repurchased under the 10b5-1 plan will be part of a share repurchase authorization announced in January. Smucker’s board of directors at that time authorized the repurchase of up to 5 million of the company’s common shares.