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J. M. Smucker Acquires Food Brand from ConAgra

Root Man
The J.M. Smucker Company acquires the Knott's Berry Farm food brand from ConAgra Foods Inc. Knott's Berry Farm produces and markets high quality jams, jellies, preserves and gift boxes in the retail and foodservice channels. Financial terms were not disclosed.

"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," comments Vincent Byrd, senior vice president, consumer market, J.M. Smucker Company.

ConAgra Foods CEO Gary Rodkin says, "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. This transaction makes solid business sense for us." The transaction does not affect ConAgra Foods' previously announced expected sales and profit growth expectations for the 2009 fiscal year.

The acquired business is expected to add approximately $40 million in annual net sales for Smucker. Production will be transitioned to Smucker's manufacturing facilities over the next four months.

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