Smucker Acquires IFF's Fruit Prep BusinessSmucker Acquires IFF's Fruit Prep Business

Smucker Acquires IFF's Fruit Prep Business

ORVILLE, Ohio--The J.M. Smucker Co. and International Flavors and Fragrances Inc. (IFF) jointly announced in October an agreement for Smucker to acquire IFF's formulated fruit and vegetable preparation business. The U.S. and Brazilian businesses have combined annual sales of $28 million. The products are sold primarily to bakeries and dairies for the manufacture of yogurts and baked goods. "This acquisition supports the diversification strategy of our industrial business by adding several major food customers to our already strong customer base," said Richard Smucker, president and co-chief executive officer (CEO). "More importantly, it continues our drive to strengthen and expand our overall business and continually enhance shareholder value." Terms of the transaction were not disclosed. For more information, visit www.smucker.com or www.iff.com.