The J.M. Smucker Company

Last updated

The J.M. Smucker Company
Company type Public
Industry
Founded1897;127 years ago (1897) in Orrville, Ohio, U.S.
Founder Jerome Monroe Smucker
Headquarters
Orrville, Ohio
,
U.S.
Area served
Worldwide
Key people
ProductsConsumer foods, pet food, coffee
RevenueDecrease2.svg US$8.18 billion (2024)
Increase2.svgUS$1.31 billion (2024)
Increase2.svgUS$744 million (2024)
Total assets Increase2.svgUS$20.3 billion (2024)
Total equity Increase2.svgUS$7.69 billion (2024)
Number of employees
9,000 (2024)
Subsidiaries
Website jmsmucker.com
Footnotes /references
Financials as of April 30,2024. [2]

The J.M. Smucker Company, also known as Smuckers, is an American manufacturer of food and beverage products. Headquartered in Orrville, Ohio, [3] the company was founded in 1897 as a maker of apple butter. [4] J.M. Smucker currently has three major business units: consumer foods, pet foods, and coffee. [5] Its flagship brand, Smucker's, produces fruit preserves, peanut butter, syrups, frozen crustless sandwiches, and ice cream toppings. [6]

Contents

Among J.M. Smucker's other food and coffee brands are Bick's Pickle, Café Bustelo, Carnation Milk (Canada), Crosse & Blackwell, Dunkin', [7] Five Roses (Canada), Folgers, Golden Temple (Canada), Jif, Knott's Berry Farm, Laura Scudder's, Robin Hood (Canada), Santa Cruz Organic, [6] and Smucker's Uncrustables. [6] Pet food brands include Meow Mix and Milk-Bone, among others. [8] In 2023, Smuckers acquired Hostess Brands, the makers of Twinkies, in a $5.6 billion cash and stock deal. [9] Listed on the New York Stock Exchange, [10] J.M. Smucker ranks 426th on the Fortune 500, with an estimated 2022 market value of $14.6 billion. [11]

History

Founding (1897–1958)

The J.M. Smucker Company was founded in 1897 by Jerome Monroe Smucker. Smucker was born on December 5, 1858, in Orrville, Ohio, and much of his life was spent as a farmer in Orrville. In 1897 Smucker built a cider mill in Orrville. The company, which came to produce jellies, jams, and other food items, has stated that he used apples from local Orrville trees planted by Johnny Appleseed in the early nineteenth century. [12] [4] Smucker prepared apple butter and sold it from the back of a horse-drawn wagon. [4] [13]

Smucker's brand logo Smuckers logo.svg
Smucker's brand logo

The company was incorporated in 1921. [14] At the time, the company sold preserves and jellies, and by 1928 was distributing in Ohio, Pennsylvania, and Indiana. After the company recorded losses in 1932 and 1933, in 1935 Smucker's eldest son Willard established a Smucker's plant in the state of Washington for pre-processing apples, which were then shipped to Orrville to be cooked. After introducing its trademark glass jar in 1939, [15] annual sales reached $1 million. [16] In 1940, Smucker's introduced its first line of ice cream toppings, and two years later began distributing its products nationally. [17] During World War II, the company faced shortages of labor, glass, and fruit. In 1946, Smucker's earned the designation "U.S. Grade A Fancy" after it paid U.S. Department of Agriculture inspectors to "oversee every aspect of its production." [15]

National expansion and IPO (1959–1984)

The company went public in 1959, [17] and the following year J.M. Smucker opened a manufacturing plant in Salinas, California that increased its production capacity by 40%. In 1960, Paul Smucker became president and the company hired Wyse Advertising of Cleveland to produce radio spots. J.M. Smucker was then listed on the New York Stock Exchange (NYSE) in 1965. [15]

1963 saw J.M. Smucker's acquisition of the jams and jellies company Mary Ellen. [18] [14] Profits increased between 1959 and 1969 before dropping in 1970. Between 1973 and 1980, J.M. Smucker implemented cost cutting measures to increase profit margins, acquiring manufacturing operations in Oregon, Tennessee and California and consolidating packing operations. [15] In 1978, J.M. Smucker debuted a low sugar "spread" that was so low in sugar the Food and Drug Administration wouldn't allow Smucker's to market it as a jam. [10] J.M. Smucker acquired gourmet preserves company Dickinson's in 1979, [14] and by 1980, J.M. Smucker was the number one jams and jellies company in the United States, [16] with over 25% of the market in the United States. [15]

In 1981, Timothy Smucker was named president [15] and the company purchased Magic Shell the following year. [17] After purchasing the pickle companies Wooster Preserving Co. and the H.W. Madison Co. in the 1960s, [15] the company sold its unsuccessful pickle line in the early 1980s. J.M. Smucker in 1984 continued to be traded on the NYSE, with the Smucker family retaining a 30% interest in the business. [10] That year J.M. Smucker acquired the juices company Knudsen & Sons. [14] [15]

Diversification and growth (1980s–2016)

In the late 1980s, the company began expanding internationally [15] under CEO Richard Smucker, acquiring brands in Canada, the United States, Australia, and Europe. [19] In 1987 J.M. Smucker purchased R-Line Foods, [15] and in 1988 the company acquired the Canadian toppings brand Shirriff [19] which made products such as Good Morning Marmalade. [14] J.M. Smucker's sales reached $367 million in 1989. [16] In 1989 J.M. Smucker purchased the Australian company Henry Jones Foods, [15] later selling it in 2004 to SPC Ardmona. [20] By 1993, 8% of J.M. Smucker's annual sales were international. [15]

The peanut butter company Laura Scudder's and the juice company After the Fall were purchased in 1994, [14] and that year J.M. Smucker also changed advertising agencies from Wyse Advertising to the Leo Burnett Company. [15] The annual Peanut Butter Festival in the town of New Bethlehem, Pennsylvania is co-sponsored by Smucker's. [21] First held in 1996, [22] the festival was held in New Bethlehem because the Smucker's peanut butter factory was the lead employer in the area at the time. [23] In 1998, J.M. Smucker acquired the peanut butter company Adams, [14] as well as the maker of the Incredible Uncrustables frozen crustless sandwich, MenUSAver. J.M. Smucker renamed the product Uncrustables . [17] J.M. Smucker acquired Jif and Crisco in 2002. [14] [16]

By 2004, the company was still headquartered in Orrville, Ohio and had been family-run for four generations. Between 1998 and 2004, the company had appeared on Fortune magazine's annual listing of the 100 Best Companies to Work For in the United States each year, ranking number one in 2004. [24] That year the company purchased International Multifoods Corporation. [17] [25] Among the acquired brands in the deal were Pillsbury, [16] Hungry Jack, Pet, Bick's pickles and condiments, [26] and Canadian flour companies Golden Temple, and Robin Hood. In 2006, White Lily Brand was acquired. [14] In 2007, the Canadian flour company Five Roses was acquired. [27] That same year, the company also acquired King Kelly Orange Marmalade, [28] Eagle Family Foods, [29] which brought in the brands Eagle Brand/Borden milk products, None Such mincemeat, and Kava coffee. [30]

In 2008, J.M. Smucker joined the Standard & Poor's 500 Index. [17] That May, J.M. Smucker announced it had bought the food division of Knott's Berry Farm [31] from ConAgra Foods, while Cedar Fair continued to own the theme park itself. [32] That year it also purchased the frozen produce company Europe's Best in Canada and the milk brand Carnation. [33] On November 6, 2008, J.M. Smucker purchased the Folgers coffee brand division from Procter & Gamble for $3.3 billion, [34] [35] [36] acquiring brands such as Millstone Coffee in the process. [37] The Reverse Morris Trust merger doubled J.M. Smucker's size. [16]

In 2010, J.M. Smucker acquired Rowland Coffee Roasters, [38] makers of Latin coffee brands, [39] [40] followed by the North American coffee and tea operations of Sara Lee in 2011. [41] J.M. Smucker acquired Big Heart Pet Brands in 2015 [16] for $5.8 billion, bringing in brands such as Milk Bone, Meow Mix, Kibbles ‘n Bits and Pup-Peroni. [42] Also that year, J.M. Smucker announced it would sell its canned milk operations in the United States to Eagle Family Foods Group LLC. [43] In February 2015, J.M Smucker and Keurig partnered together on making K-Cup packs of Dunkin' coffee. [44] Mark Smucker was named CEO in 2016. [17]

Recent (2017–present)

Smucker's Canada, Markham, Ontario SmuckerFoodsOfCanada.jpg
Smucker's Canada, Markham, Ontario

After an antitrust lawsuit filed by the Federal Trade Commission (FTC) in early March 2018, ConAgra Brands Inc. and J. M. Smucker Co. cancelled a deal for Smucker to purchase the Wesson cooking oil brand. The FTC claimed that Smuckers would have controlled at least 70% of the market for branded canola and vegetable oils. [45] As part of a strategy to focus on pet food, coffee, and snacking, [46] on August 31, 2018, J.M. Smucker announced it had sold its baking business in the United States to Brynwood Partners for $375 million, [47] including the brands Pillsbury, [48] Martha White, Hungry Jack, White Lily, and Jim Dandy. The baking business in Canada was retained. [47] The company acquired Ainsworth Pet Nutrition in 2018, including the brands Better Than! Treats, Dad's Pet Care, and Rachael Ray Nutrish, [49] and in October 2018, J.M. Smucker consolidated its $580 million marketing business into Publicis Groupe. [5]

During the COVID-19 pandemic many J.M. Smucker employees began remote work. [50] J.M. Smucker began providing "pay and benefits to employees to avoid furloughs," creating employee hardship and sick leave programs. [51] By August 2020, its international and away-from-home segment had seen a quarterly sales decline of 9%. The Smucker's brand had seen a 25% quarterly increase in sales, Uncrustables had seen a 35% jump, and Crisco had seen a 50% increase. [52] In September 2020, the company announced a new logo and corporate brand identity, with aims to distinguish Smucker the company from Smucker's brand food items. J.M. Smucker Company was shortened to J.M. Smucker Co. [53] In December 2020 J.M. Smucker sold Crisco to B&G Foods [54] for $550 million, part of the company's ongoing plan to divest of baking products in the United States. [55] Overall in 2020, J.M. Smucker had $7.8 billion in net sales, with free cash flow growing 26% from 2019 to $985.5 million. [56] Its US retail consumer foods unit saw a 22% jump in annual profits, while coffee rose 11% and pet food rose 6%. [57] After selling Natural Balance Pet Foods to Nexus Capital for $50 million in Jan. 2021, [58] in early 2022, the company sold R.W. Knudsen and truRoots to Nexus Capital. The deal included an agreement for Nexus Capital to Santa Cruz Organic beverages, although not the brand's food items. The deal was estimated at $110 million. [59] In January 2024, the Knott's Berry Farm grocery brand was discontinued due to low sales. [60]

Hostess Brands acquisition

On 11 September 2023, J.M. Smucker announced an acquisition of Hostess Brands for $5.6 billion in cash and stock. [61] This will bring several snack brands, including Twinkies, CupCakes, DingDongs, HoHos, Fruit Pies, CoffeeCakes, MiniMuffins, and Voortman cookies, along with seven manufacturing and distribution facilities, and 3,000 employees to J.M. Smucker. [9] The acquisition was completed in November 2023. [62]

Current brands

J.M. Smucker's four major business units are consumer foods, pet food, snacks, and coffee. [5] The company is particularly known as a marketer and manufacturer of products such as fruit spreads, peanut butter, ice cream toppings, sweetened condensed milk, and health and natural foods and beverages. [63] The Smucker's flagship brand manufactures and sells its own brands of fruit preserves, jelly, [64] peanut butter including Smucker's Goober PB&J, [65] syrups, [66] ice cream toppings including Smucker's Magic Shell, [67] and the Uncrustables sealed crustless sandwich. [68] In Canada, the brands are limited to ice cream toppings [69] and preserves. [70]

J.M. Smucker brands currently include:

Foods [6]

Pet foods [8]

Coffee [7]

See also

Related Research Articles

<span class="mw-page-title-main">Jif (peanut butter)</span> American brand of peanut butter

Jif is an American brand of peanut butter made by The J.M. Smucker Company, which purchased the brand from Procter & Gamble in 2001.

<span class="mw-page-title-main">Folgers</span> American coffee brand

Folgers Coffee is a brand of ground, instant, and single-use pod coffee produced and sold in the United States, with additional distribution in Asia, Canada and Mexico. It forms part of the food and beverage division of The J.M. Smucker Company. Folgers roasts its coffee in New Orleans.

Post Consumer Brands, LLC is an American consumer packaged goods food manufacturer headquartered in Lakeville, Minnesota.

<span class="mw-page-title-main">Skippy (peanut butter)</span> American peanut butter brand

Skippy is an American brand of peanut butter manufactured in the United States and China. First sold in 1932, Skippy is currently manufactured by Hormel Foods, which bought the brand from Unilever in 2013. It is the best-selling brand of peanut butter in China and second only to the J.M. Smucker Company's Jif brand worldwide.

<span class="mw-page-title-main">Sealed crustless sandwich</span> Filled sandwich with crimp-sealed bread

A sealed crustless sandwich consists of a filling between two layers of crimp-sealed bread, with the crust removed.

<span class="mw-page-title-main">Crisco</span> American shortening brand

Crisco is an American brand of shortening that is produced by B&G Foods. Introduced in June 1911 by Procter & Gamble, it was the first shortening to be made entirely of vegetable oil, originally cottonseed oil. Additional products marketed under the Crisco brand include a cooking spray, various olive oils, and other cooking oils, including canola, corn, peanut, sunflower, and blended oils.

<span class="mw-page-title-main">Gravy Train (dog food)</span> Post dog food brand

Gravy Train is an American dog food brand currently marketed by Post Consumer Brands. On April 28, 2023, it was one of several brands sold by The J.M. Smucker Company to Post Holdings, in a deal valued at $1.2 billion.

<span class="mw-page-title-main">Kibbles 'n Bits</span> Brand of dog food by Post

Kibbles 'n Bits is a brand name for dog food that The J.M. Smucker Co. decided to include among the pet food brands sold to Post Holdings. On April 28, 2023, PH announced that it had completed the acquisition of Kibbles 'n Bits, which is now marketed by Post Consumer Brands.

Eagle Family Foods Group LLC, doing business as Eagle Foods, is an American food company based in Cleveland, Ohio owned by private equity firm Kelso & Company. The company was founded in 2015 by Paul Smucker Wagstaff, formerly of The J. M. Smucker Company, after acquiring ownership of the canned milk brands formerly owned by Borden.

<span class="mw-page-title-main">Millstone Coffee</span>

Millstone Coffee was a brand of coffee sold in the US, a division of The J.M. Smucker Company. The company sold whole bean and ground coffee in retail settings and on its website.

<span class="mw-page-title-main">Pet, Inc.</span> Former American branded foods company

Pet, Inc. was an American company that was the first to commercially produce evaporated milk as a shelf-stable consumer product with its "PET Milk" brand. While evaporated milk was popular before refrigerators were common in homes, sales peaked in the 1950s and it is now a niche product used in baking and as a cooking ingredient.

<span class="mw-page-title-main">Goober (brand)</span> Food product

Goober is a combination of peanut butter and jelly in a single jar. It is sold in US, the UK, Canada, Singapore, and other parts of the Commonwealth, and is named after a familiar denomination for peanut in American English, goober pea, from the Gullah name for the peanut, guber. Goober was introduced by The J.M. Smucker Company under the Smucker's brand.

<span class="mw-page-title-main">Peanut butter and jelly sandwich</span> Type of sandwich

A peanut butter and jelly sandwich (PB&J) consists of peanut butter and fruit preserves spread on bread. The sandwich is popular in the United States, especially among children; a 2002 survey showed the average American will eat 1,500 peanut butter and jelly sandwiches before graduating from high school. There are many variations of the PB&J, which itself is a hybrid between a peanut butter sandwich and a jam sandwich.

Jerome Monroe Smucker was an American farmer and entrepreneur who founded The J.M. Smucker Company food and beverage firm in 1897, starting out selling apple butter from the back of a horse-drawn wagon. He was of Swiss descent.

<span class="mw-page-title-main">Hostess Brands</span> American food company

Hostess Brands Inc. is an American bakery company formed in 2013. Its main operating subsidiaries are Hostess Brands, LLC, and Voortman Cookies Limited.

<span class="mw-page-title-main">Big Heart Pet Brands</span> American company

Big Heart Pet Brands was an American company that manufacturers, distributes and markets branded pet food and other products for the U.S. retail market. Formerly a subsidiary of J.M. Smucker Co., it was headquartered at the One Maritime Plaza in San Francisco.

<span class="mw-page-title-main">Bega Group</span> Australian cheese manufacturer

The Bega Group is an Australian diversified food and drinks company with manufacturing sites in New South Wales, Queensland, Western Australia and Victoria. Founded as an agricultural cooperative in the town of Bega, New South Wales by their dairy suppliers, it became a public company in 2011 when it listed on the Australian Securities Exchange. Close to half of shares publicly traded are still held by Bega's farmer-suppliers. It is currently one of the largest companies in the dairy sector in Australia, with a base milk supply in 2018 of approximately 750 million litres per annum.

Mark Timothy Smucker is an American businessman who has been the president and CEO of The J.M. Smucker Company since May 2016. He is the fifth-generation member of the Smucker family to lead the business, a now publicly traded Fortune 500 company encompassing coffee, packaged food, and pet food, headquartered in Orrville, Ohio.

References

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  3. ↑ "100 Best Companies to Work For 2008: J. M. Smucker". CNN.com. 2008.
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  9. 1 2 Roeloffs, Mary (September 11, 2023). "Smuckers Buying Hostess Brands In $5.6 Billion Snack Food Deal". Forbes.com.
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  28. ↑ Townsend, Adam; Staff Writers (November 22, 2008). "Why Did Food Maker Leave California?". Orange County Register . Archived from the original on May 11, 2012. Retrieved November 14, 2017– via OCRegister.com.
  29. ↑ "About Us". Eagle Family Foods.
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  31. ↑ "J. M. Smucker Company Acquires Knott's Berry Farm(R) Food Brand From ConAgra" (Press release). May 13, 2008 – via Reuters.com.
  32. ↑ Eades, Mark (May 27, 2016). "Knott's Berry Farm gets new boss, a former Disneyland executive". Orange County Register. Retrieved August 22, 2018.
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  37. ↑ "Sitemap – Millstone Coffee". Millstone.com. March 22, 2011. Archived from the original on November 5, 2010. Retrieved January 25, 2014.
  38. ↑ "Cuban Coffee Brand May Pour Into Mainstream". npr.org. NPR. June 14, 2011. Retrieved January 25, 2014.
  39. ↑ "The J. M. Smucker Company Acquires Leading Hispanic Brands From Rowland Coffee Roasters". Cision US Inc. May 16, 2011. Retrieved August 18, 2021.
  40. ↑ "Medaglia d'Oro About Us". Medaglia d'Oro. Retrieved August 18, 2021.
  41. ↑ "Sara Lee Corp. Announces Sale of Majority of North American Foodservice Coffee Operations to The J.M. Smucker Company". SaraLee.com (Press release). Downers Grove, Illinois: Sara Lee Corp. October 24, 2011. Archived from the original on September 9, 2012. Retrieved November 14, 2017.
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  43. ↑ "The J. M. Smucker Company to Divest its U.S. Canned Milk Brands and Operations". Smucker's. November 3, 2015. Archived from the original on January 13, 2022. Retrieved January 11, 2022.
  44. ↑ "Dunkin' Brands, the J.m. Smucker Company and Keurig Expand Partnership to Make Dunkin' K-Cup Packs Available at Retail Outlets Nationwide and Online".
  45. ↑ Armental, Maria (March 6, 2018). "Smucker, Conagra Call Off Wesson Oil Deal After FTC Challenge". The Wall Street Journal . The New York Times, New York City, United States. Retrieved March 9, 2018.
  46. ↑ "The J. M. Smucker Company to Divest its U.S. Baking Business". Smucker's. July 9, 2018. Archived from the original on January 9, 2022. Retrieved January 9, 2022.
  47. 1 2 "The J. M. Smucker Company Completes the Divestiture of its U.S. Baking Business". Smucker's. August 31, 2018. Archived from the original on January 9, 2022. Retrieved January 9, 2022.
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  49. ↑ "Smucker to buy company behind Rachael Ray dog food". The Washington Post. April 4, 2018. Archived from the original on April 5, 2018.
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  53. ↑ Jim Mackinnon (September 23, 2020). "J.M. Smucker's new corporate identity grows beyond jams and jellies". Akron Beacon Journal.
  54. ↑ "B&G Foods Completes Acquisition of Iconic Crisco® Brand". bgfoods.com. December 1, 2020.
  55. ↑ "The J.M. Smucker Co. Completes the Divestiture of its Crisco® Business and Updates Fiscal Year 2021 Outlook". Smucker's. December 1, 2020. Archived from the original on January 7, 2022. Retrieved January 10, 2022.
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  64. ↑ "Fruit Spreads". Smucker's. 2021. Archived from the original on December 24, 2021. Retrieved December 24, 2021.
  65. ↑ "Peanut Butter". Smucker's. 2021. Archived from the original on December 24, 2021. Retrieved December 24, 2021.
  66. ↑ "Syrups". Smucker's. 2021. Archived from the original on December 24, 2021. Retrieved December 24, 2021.
  67. ↑ "Ice Cream Topping Brands". Smucker's. 2021. Archived from the original on December 24, 2021. Retrieved December 24, 2021.
  68. ↑ "Uncrustables". Smucker's. 2021. Archived from the original on November 18, 2021. Retrieved December 24, 2021.
  69. ↑ "James, Jellies, and Fruit Spreads". Smucker's. 2021.
  70. ↑ "Ice Cream Brands". Smucker's. 2021.
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