Finance / United States
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P&G to spin-off Folgers in stock-for-stock merger with JM Smuckers.
June 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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US consumer goods giant Procter and Gamble (P&G) announced on June 4 that it will sell its Folgers coffee brand to Ohio-based JM Smucker Co in a US$3.3bn stock-for-stock (reverse-Morris Trust) merger, expected to close in Q408. JM Smucker, a household name in the US, is a manufacturer of jam and jelly products, food and beverages. It will acquire the major Folgers coffee brand from P&G in a deal that will almost double its annual sales to US$4.bn from US2.15bn in 2007.