November 13/Science Letter -- The J.M. Smucker Company announced the completion of its previously disclosed merger with The Folgers Coffee Company, a subsidiary of The Procter & Gamble Company. The cost of the transaction to Smucker is approximately $3 billion, including the issuance of Smucker common shares and $350 million of Folgers debt guaranteed by Smucker in connection with the merger. On October 31, 2008, Smucker paid a special dividend of five dollars per share to all Smucker shareholders of record at the close of business on September 30, 2008.

Folgers, founded in 1850, is a leading producer of retail packaged coffee products in the United States. Folgers' broad product offering includes its original Folgers brand, Millstone and a license to manufacture and distribute Dunkin' Donuts coffee in the retail grocery market.

Richard Smucker, executive chairman and co-chief executive officer, said, "We are very pleased with the completion of the Folgers transaction and believe that, as the number one retail packaged coffee brand in the U.S., Folgers clearly aligns with our strategy to own and market number one food brands in North America."

Tim Smucker, chairman of the board and co-chief executive officer, said, "We welcome the Folgers team members into the Smucker family and look forward to leveraging the Folgers brand with our existing portfolio of iconic brands."

From the November 24, 2008, Prepared Foods e-Flash