On the Street: Smucker Closing Plants, Cutting Jobs
March 24/Orrville, Ohio/Associated Press Financial Wire -- The J.M. Smucker Co. says it will close four plants and cut 700 jobs, about 15% of its workforce, and modernize other plants to cut costs.
The maker of Smucker's jam and Folgers coffee said it will close its fruit-spread plants in Memphis, Tenn., and Ste. Marie, Quebec, and its coffee plants in Sherman, Texas, and Kansas City, Mo.
Smucker will spent $220 million over three years on capital investment, including $70 million to consolidate all coffee production into the company's existing plant in New Orleans.
It will also build a new plant in Orrville, Ohio, and upgrade equipment and technology at its Ripon, Wis., plant.
Fruit spreads, ice cream toppings, and syrups will be produced at the new Orrville plant.
From the March 29, 2010, Prepared Foods E-dition