J.M. Smucker to acquire Europe's Best
March 04, 2008
by Keith Nunes
ORRVILLE, OHIO – The J.M. Smucker Co. entered into an agreement to acquire Europe’s Best, Inc., a marketer of frozen fruit and vegetables based in Montreal. Terms of the agreement were not disclosed and the transaction is expected to close by the end of March.
"The addition of Europe’s Best is an excellent fit with our strategy of owning and marketing North American food brands which hold the No. 1 position in their respective category," said Tim Smucker, chairman and co-chief executive officer of J.M. Smucker.
For fiscal 2009, the acquired business is expected to add approximately $70 million in net sales and be slightly accretive to earnings, according to J.M. Smucker. Europe’s Best administrative functions in Montreal will be transitioned to J.M. Smucker’s Canadian headquarters in Markham, Ontario, by the end of October.
"With the acquisition of Europe’s Best, we continue to expand our presence in Canada," said Mark Smucker, vice-president of international. "Our portfolio will now include eight No. 1 brands, and provide a strong platform for continued profitable growth."