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J.M. Smucker Completes the Divestiture of Several Pet Food Brands to Post Holdings

The transaction value is approximately $1.2 billion.




(PRESS RELEASE) ORRVILLE, OH — The J.M. Smucker Co. (NYSE: SJM) announced the closing of the transaction to sell several pet food brands, including the Rachael Ray Nutrish, 9Lives, Kibbles ‘n Bits, Nature’s Recipe and Gravy Train brands as well as the Company’s private label pet food business to Post Holdings, Inc. The transaction value is approximately $1.2 billion, consisting of $700 million in cash, subject to a working capital adjustment, and approximately 5.39 million shares of common stock of Post Holdings, Inc.

The Company previously announced the signing of a definitive agreement for the transaction on February 8, 2023. The transaction includes relevant trademarks and licenses and the Company’s manufacturing and distribution facilities in Bloomsburg, Pennsylvania, as well as its manufacturing facilities in Meadville, Pennsylvania and Lawrence, Kansas. In addition, a group of employees are transitioning to Post Holdings, Inc. to support the business.

“With the close of this transaction, we are excited to continue advancing our pet strategy, which is focused on driving growth for our dog snacks and cat food brands, including Milk-Bone and Meow Mix,” said Mark Smucker, Chair of the Board, president and chief executive officer. “We are confident in the potential of these businesses and are well positioned to deliver continued growth.”

“In addition, on behalf of our entire organization, I want to express my sincere appreciation to the employees transitioning to Post. Their hard work, dedication to serving our consumers and passion for these brands has played an important role in the growth of our pet business.”

The divestiture is expected to be dilutive to adjusted earnings per share by approximately $0.45 on a full-year basis, reflecting the foregone profit related to the divested brands and before any benefits from the use of transaction proceeds and the impact of stranded overhead costs. The Company anticipates replacing the divested earnings through share repurchases, paying down debt and mitigating the impact of stranded overhead costs through initiatives within its Transformation Office over time.

The Company will provide further details about the transaction’s financial impact to its fiscal 2024 outlook when it reports its fourth quarter fiscal 2023 results in June.

About The J.M. Smucker Co.

At The J.M. Smucker Co., it is our privilege to make food people and pets love by offering a diverse portfolio of brands available across North America. We are proud to lead in the Coffee, Consumer Foods, Dog Snacks and Cat Food categories by offering brands consumers trust for themselves and their families each day including Folgers, Dunkin’, Café Bustelo, Jif, Smucker’s Uncrustables, Smucker’s, Milk-Bone and Meow Mix. Through our unwavering commitment to producing the highest quality products, operating responsibly and ethically and delivering on our Purpose, we will continue to grow our business and the positive impact we have on society. For more information, please visit

The J.M. Smucker Co. is the owner of all trademarks referenced herein, except for Rachael Ray, a registered trademark of Ray Marks II LLC, which is used under license, and Dunkin’ which is a trademark of DD IP Holder LLC. The Dunkin’ brand is licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels such as grocery stores, mass merchandisers, club stores, e-commerce and drug stores. This information does not pertain to products for sale in Dunkin’ restaurants.



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