"The addition of Europe's Best is an excellent fit with our strategy of owning and marketing North American food brands which hold the number-one position in their respective category," commented Tim Smucker, chairman and co-chief executive officer.
"With the acquisition of Europe's Best, we continue to expand our presence in Canada," added Mark Smucker, vice president, international. "Our portfolio will now include eight number-one brands and provide a strong platform for continued profitable growth."
The transaction is expected to close by the end of March 2008. For fiscal 2009, the acquired business is expected to add approximately $70 million in net sales and be slightly accretive to earnings. Europe's Best's administrative functions in Montreal are expected to be transitioned to the company's Canadian headquarters in Markham, Ontario, by the end of October 2008.
From the March 17, 2008, Prepared Foods e-Flash