J. M. Smucker Company Acquires Knott’s Berry Farm
Knott's Berry Farm produces and markets high quality jams, jellies and preserves in the retail, gift boxes, and foodservice channels. The transaction does not include the Knott's Berry Farm amusement park.
14/05/08 The J.M. Smucker Company has acquired the Knott's Berry Farm food brand from ConAgra Foods, Inc. Knott's Berry Farm produces and markets high quality jams, jellies and preserves in the retail, gift boxes, and foodservice channels. The transaction does not include the Knott's Berry Farm amusement park, which is not owned by either company. Financial terms were not disclosed.
“Knott's Berry Farm is a well recognized brand with a long and rich history, complementing our existing line of fruit spreads and offering our consumers additional choices,” commented Vince Byrd, senior vice president, consumer market.
ConAgra Foods CEO Gary Rodkin said, “Knott's Berry Farm is a very good brand, but given our priorities, we simply could not give it the attention it needs to grow. This transaction makes solid business sense for us.” The transaction does not affect ConAgra Foods' previously announced expected sales and profit growth expectations for FY09.
The acquired business is expected to add approximately $40 million in annual net sales. Production will be transitioned to the Company's manufacturing facilities over the next four months.
