J.M. Smucker acquires Knott's Berry Farm brand
May 14, 2008
by FoodBusinessNews.net Staff
ORRVILLE, OHIO — The J.M. Smucker Co. has acquired the Knott’s Berry Farm brand from ConAgra Foods Inc. for an undisclosed amount.
The Knott’s Berry Farm brand includes jams, jellies, preserves and gift boxes in the retail and food service channels.
"Knott’s Berry Farm is a well-recognized brand with a long and rich history complementing our existing line of fruit spreads and offering our consumers additional choices," said Vincent Byrd, senior vice-president of consumer markets for J.M. Smucker.
The business is expected to add about $40 million in annual net sales for J.M. Smucker, and production will be transitioned to Smucker facilities during the next four months.
"Knott’s Berry Farm is a very good brand, but given our priorities we simply could not give it the attention it needs to grow," said Gary Rodkin, chief executive officer at ConAgra. "This transaction makes solid business sense for us."
The transaction will not affect ConAgra’s previously announced sales and profit expectations for fiscal year 2009, and the transaction does not include the Knott’s Berry Farm amusement part, which is not owned by either company.