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
RevenueIncrease2.svg US$8.17 billion (2020)
Number of employees
7,300 (2020)
Subsidiaries
Website jmsmucker.com

The J.M. Smucker Company, also known as Smuckers, is an American manufacturer of food and beverage products. Headquartered in Orrville, Ohio, [2] the company was founded in 1897 as a maker of apple butter. [3] J.M. Smucker currently has three major business units: consumer foods, pet foods, and coffee. [4] Its flagship brand, Smucker's, produces fruit preserves, peanut butter, syrups, frozen crustless sandwiches, and ice cream toppings. [5]

Contents

Among J.M. Smucker's other food and coffee brands are Knott's Berry Farm, Jif, Laura Scudder's, Santa Cruz Organic, [5] Folgers, Café Bustelo, Dunkin', [6] Smucker's Uncrustables, Bick's Pickle, Carnation, Crosse & Blackwell, Five Roses, and Robin Hood. [5] Pet food brands include Meow Mix and Milk-Bone, among others. [7] In 2023, Smuckers acquired Hostess Brands, the makers of Twinkies, in a $5.6 billion cash and stock deal. [8] Listed on the New York Stock Exchange, [9] J.M. Smucker ranks 426th on the Fortune 500, with an estimated 2022 market value of $14.6 billion. [10]

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. [11] [3] Smucker prepared apple butter and sold it from the back of a horse-drawn wagon. [3] [12]

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

The company was incorporated in 1921. [13] 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, [14] annual sales reached $1 million. [15] In 1940, Smucker's introduced its first line of ice cream toppings, and two years later began distributing its products nationally. [16] 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." [14]

National expansion and IPO (1959–1984)

The company went public in 1959, [16] 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. [14]

1963 saw J.M. Smucker's acquisition of the jams and jellies company Mary Ellen. [17] [13] 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. [14] 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. [9] J.M. Smucker acquired gourmet preserves company Dickinson's in 1979, [13] and by 1980, J.M. Smucker was the number one jams and jellies company in the United States, [15] with over 25% of the market in the United States. [14]

In 1981, Timothy Smucker was named president [14] and the company purchased Magic Shell the following year. [16] After purchasing the pickle companies Wooster Preserving Co. and the H.W. Madison Co. in the 1960s, [14] 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. [9] That year J.M. Smucker acquired the juices company Knudsen & Sons. [13] [14]

Diversification and growth (1980s–2016)

In the late 1980s, the company began expanding internationally [14] under CEO Richard Smucker, acquiring brands in Canada, the United States, Australia, and Europe. [18] In 1987 J.M. Smucker purchased R-Line Foods, [14] and in 1988 the company acquired the Canadian toppings brand Shirriff [18] which made products such as Good Morning Marmalade. [13] J.M. Smucker's sales reached $367 million in 1989. [15] In 1989 J.M. Smucker purchased the Australian company Henry Jones Foods, [14] later selling it in 2004 to SPC Ardmona. [19] By 1993, 8% of J.M. Smucker's annual sales were international. [14]

The peanut butter company Laura Scudder's and the juice company After the Fall were purchased in 1994, [13] and that year J.M. Smucker also changed advertising agencies from Wyse Advertising to the Leo Burnett Company. [14] The annual Peanut Butter Festival in the town of New Bethlehem, Pennsylvania is co-sponsored by Smucker's. [20] First held in 1996, [21] the festival was held in New Bethlehem because the Smucker's peanut butter factory was the lead employer in the area at the time. [22] In 1998, J.M. Smucker acquired the peanut butter company Adams, [13] as well as the maker of the Incredible Uncrustables frozen crustless sandwich, MenUSAver. J.M. Smucker renamed the product Uncrustables . [16] J.M. Smucker acquired Jif and Crisco in 2002. [13] [15]

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. [23] That year the company purchased International Multifoods Corporation. [16] [24] Among the acquired brands in the deal were Pillsbury, [15] Hungry Jack, Pet, Robin Hood Flour, and Bick's pickles and condiments. [25] The flour company White Lily Brand was acquired in 2006. [13] In 2007, the company acquired King Kelly Orange Marmalade [26] and the Canadian company Five Roses Flour. [27] Also in 2007, J.M. Smucker acquired Eagle Family Foods, [28] which brought in the brands Eagle Brand/Borden milk products, None Such mincemeat, and Kava coffee. [29]

In 2008, J.M. Smucker joined the Standard & Poor's 500 Index. [16] That May, J.M. Smucker announced it had bought the food division of Knott's Berry Farm [30] from ConAgra Foods, while Cedar Fair continued to own the theme park itself. [31] That year it also purchased the frozen produce company Europe's Best in Canada and the Canadian milk brand Carnation. [32] On November 6, 2008, J.M. Smucker purchased the Folgers coffee brand division from Procter & Gamble for $3.3 billion, [33] [34] [35] acquiring brands such as Millstone Coffee in the process. [36] The Reverse Morris Trust merger doubled J.M. Smucker's size. [15]

In 2010, J.M. Smucker acquired Rowland Coffee Roasters, [37] makers of Latin coffee brands, [38] [39] followed by the North American coffee and tea operations of Sara Lee in 2011. [40] J.M. Smucker acquired Big Heart Pet Brands in 2015 [15] for $5.8 billion, bringing in brands such as Milk Bone, Meow Mix, Kibbles ‘n Bits and Pup-Peroni. [41] Also that year, J.M. Smucker announced it would sell its canned milk operations in the United States to Eagle Family Foods Group LLC. [42] In February 2015, J.M Smucker and Keurig partnered together on making K-Cup packs of Dunkin' coffee. [43] Mark Smucker was named CEO in 2016. [16]

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. [44] As part of a strategy to focus on pet food, coffee, and snacking, [45] on August 31, 2018, J.M. Smucker announced it had sold its baking business in the United States to Brynwood Partners for $375 million, [46] including the brands Pillsbury, [47] Martha White, Hungry Jack, White Lily, and Jim Dandy. The baking business in Canada was retained. [46] The company acquired Ainsworth Pet Nutrition in 2018, including the brands Better Than! Treats, Dad's Pet Care, and Rachael Ray Nutrish, [48] and in October 2018, J.M. Smucker consolidated its $580 million marketing business into Publicis Groupe. [4]

During the COVID-19 pandemic many J.M. Smucker employees began remote work. [49] J.M. Smucker began providing "pay and benefits to employees to avoid furloughs," creating employee hardship and sick leave programs. [50] 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. [51] 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. [52] In December 2020 J.M. Smucker sold Crisco to B&G Foods [53] for $550 million, part of the company's ongoing plan to divest of baking products in the United States. [54] 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. [55] Its US retail consumer foods unit saw a 22% jump in annual profits, while coffee rose 11% and pet food rose 6%. [56] After selling Natural Balance Pet Foods to Nexus Capital for $50 million in Jan. 2021, [57] 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. [58]

Hostess Brands acquisition

On 11 September 2023, J.M. Smucker announced an acquisition of Hostess Brands for $5.6 billion in cash and stock. [59] 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. [8] The acquisition was completed in November 2023. [60]

Current brands

J.M. Smucker's three major business units are consumer foods, pet food and snacks, and coffee. [4] 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. [61] The Smucker's flagship brand manufactures and sells its own brands of fruit preserves, jelly, [62] peanut butter including Smucker's Goober PB&J, [63] syrups, [64] ice cream toppings including Smucker's Magic Shell, [65] and the Uncrustables sealed crustless sandwich. [66] In Canada, the brands are limited to ice cream toppings [67] and preserves. [68]

J.M. Smucker brands currently include:

Foods [5]

Pet foods [7]

Coffee [6]

See also

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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

  1. ↑ "The J.M. Smucker Co. Introduces an Updated Corporate Identity to Better Reflect its Growth, Diverse Portfolio" (Press release). The J.M. Smucker Company. September 23, 2020. Retrieved October 16, 2020.
  2. ↑ "100 Best Companies to Work For 2008: J. M. Smucker". CNN.com. 2008.
  3. 1 2 3 "Smucker's History". JMSmucker.com. The J.M. Smucker Company.
  4. 1 2 3 Oliver McAteer (October 29, 2018). "Publicis Groupe wins $580M J.M. Smucker pitch". Campaign Live.
  5. 1 2 3 4 "Consumer Foods Brands". Smucker's.
  6. 1 2 "Coffee Brands". Smucker's. 2021.
  7. 1 2 "Pet Food Brands". Smucker's. 2021.
  8. 1 2 Roeloffs, Mary (September 11, 2023). "Smuckers Buying Hostess Brands In $5.6 Billion Snack Food Deal". Forbes.com.
  9. 1 2 3 Ruth Walker (August 2, 1984). "Smucker's: a family-run firm finds new ways to spread its jam". The Christian Science Monitor .
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  11. ↑ "Johnny Appleseed Heritage Center breaks ground near Mansfield". Farm and Dairy. August 16, 2001. Retrieved June 10, 2020.
  12. ↑ "Jerome M. Smucker". ohiohistorycentral.org. Ohio History Connection.
  13. 1 2 3 4 5 6 7 8 9 "Smucker Company Timeline". Smuckers.com.
  14. 1 2 3 4 5 6 7 8 9 10 11 12 13 "International Directory of Company Histories, Vol. 11 – Smucker's". St. James Press. 1995.
  15. 1 2 3 4 5 6 7 Gary Hoover (January 17, 2020). "Same Town, Same Family: The Smucker Saga". American Business History Center.
  16. 1 2 3 4 5 6 7 "About". Smucker's. 2022.
  17. ↑ "MARY ELLEN - Mary Ellen's, Inc. Trademark Registration". USPTO.report. Retrieved August 31, 2022.
  18. 1 2 Jacqueline Mitchell (August 20, 1989). "The Smuckers' Business Spreads Itself Worldwide". Chicago Tribune .
  19. ↑ "SPC to acquire IXL for $51 m". The Age. May 12, 2004. Retrieved March 11, 2014– via theage.com.au.
  20. ↑ "Peanut Butter Festival: Overview". Redbank Valley Chamber of Commerce. 2020.
  21. ↑ Gretchen McKay (September 11, 2019). "Love peanut butter? This nutty festival is probably for you". Pittsburgh Post-Gazette .
  22. ↑ Josh Walzak (September 9, 2018). "Peanut Butter Festival to be held in New Bethlehem". The Courier Express.
  23. ↑ "100 Best Companies to Work For in the United States". Fortune. January 12, 2004.
  24. ↑ "International Multifoods Shareholders Approve Merger With The J.M. Smucker Company". allbusiness.com.
  25. ↑ The Associated Press (March 9, 2004). "Smucker to Buy International MultiFoods". The New York Times .
  26. ↑ Townsend, Adam; Staff Writers (November 22, 2008). "Why Did Food Maker Leave California?". Orange County Register . Retrieved November 14, 2017– via OCRegister.com.
  27. ↑ "History". fiveroses.ca. Five Roses. Retrieved August 31, 2017.
  28. ↑ "About Us". Eagle Family Foods.
  29. ↑ "Smucker acquires Eagle brands". The Columbus Dispatch . April 3, 2007.
  30. ↑ "J. M. Smucker Company Acquires Knott's Berry Farm(R) Food Brand From ConAgra" (Press release). May 13, 2008 – via Reuters.com.
  31. ↑ Eades, Mark (May 27, 2016). "Knott's Berry Farm gets new boss, a former Disneyland executive". Orange County Register. Retrieved August 22, 2018.
  32. ↑ "J.M. Smucker acquires Montreal-based Europe's Best frozen fruit". freshplaza.com. Canadian Press. March 5, 2008. Archived from the original on July 20, 2011. Retrieved November 14, 2017.
  33. ↑ "Smucker's to buy Folgers coffee". Plain Dealer . June 4, 2008. Archived from the original on March 3, 2016 – via Cleveland.com.
  34. ↑ "The Marketing Doctor Says: Smuckers Buys Folgers". Marketing Doctor. June 6, 2008. Archived from the original (blog) on October 29, 2013.
  35. ↑ "The J. M. Smucker Company Announces Completion of Folgers Merger". Folgers.com (Press release). June 11, 2008. Archived from the original on February 7, 2009.
  36. ↑ "Sitemap – Millstone Coffee". Millstone.com. March 22, 2011. Retrieved January 25, 2014.
  37. ↑ "Cuban Coffee Brand May Pour Into Mainstream". npr.org. NPR. June 14, 2011. Retrieved January 25, 2014.
  38. ↑ "The J. M. Smucker Company Acquires Leading Hispanic Brands From Rowland Coffee Roasters". Cision US Inc. May 16, 2011. Retrieved August 18, 2021.
  39. ↑ "Medaglia d'Oro About Us". Medaglia d'Oro. Retrieved August 18, 2021.
  40. ↑ "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.
  41. ↑ Mackinnon, Jim (February 3, 2015). "J.M. Smucker adds major pet food brands in 'transformational' $5.8 billion purchase". Akron Beacon Journal . Retrieved February 4, 2015.
  42. ↑ "The J. M. Smucker Company to Divest its U.S. Canned Milk Brands and Operations". Smucker's. November 3, 2015.
  43. ↑ "Dunkin' Brands, the J.m. Smucker Company and Keurig Expand Partnership to Make Dunkin' K-Cup Packs Available at Retail Outlets Nationwide and Online".
  44. ↑ 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.
  45. ↑ "The J. M. Smucker Company to Divest its U.S. Baking Business". Smucker's. July 9, 2018.
  46. 1 2 "The J. M. Smucker Company Completes the Divestiture of its U.S. Baking Business". Smucker's. August 31, 2018.
  47. ↑ Marchat, Alissa (September 4, 2018). "J.M. Smucker Co. Closes $375M Deal With Hometown Food Co". The Shelby Report. Retrieved April 7, 2019.
  48. ↑ "Smucker to buy company behind Rachael Ray dog food". The Washington Post. April 4, 2018. Archived from the original on April 5, 2018.
  49. ↑ Ickes, Samantha (August 25, 2020). "Smucker aims to link workers working remotely". Akron Beacon Journal .
  50. ↑ "J.M. Smucker outlines measures to help employees, community during coronavirus pandemic". Akron Beacon Journal . March 24, 2020.
  51. ↑ Alicia Wallace (August 25, 2020). "Americans are resorting to frozen PB&J and instant coffee. That's good news for Smucker". CNN .
  52. ↑ Jim Mackinnon (September 23, 2020). "J.M. Smucker's new corporate identity grows beyond jams and jellies". Akron Beacon Journal.
  53. ↑ "B&G Foods Completes Acquisition of Iconic Crisco® Brand". bgfoods.com. December 1, 2020.
  54. ↑ "The J.M. Smucker Co. Completes the Divestiture of its Crisco® Business and Updates Fiscal Year 2021 Outlook". Smucker's. December 1, 2020.
  55. ↑ "Annual Report Fiscal Year 2020" (PDF). Smucker's. 2020.
  56. ↑ Garber, Jonathan (June 4, 2020). "JM Smucker sales hit record as coronavirus shoppers stock up kitchens". Fox Business .
  57. ↑ "The J.M. Smucker Co. Completes the Divestiture of its Natural Balance® Business".
  58. ↑ "J.M. Smucker completes $110 million sale of natural/organics businesses to investment firm". Yahoo News. February 1, 2022.
  59. ↑ "JM Smucker to acquire Hostess Brands in $5.6bn deal". FoodBev Media. September 11, 2023. Retrieved September 11, 2023.
  60. ↑ Gignac, Rachel (November 17, 2023). "The J.M. Smucker Co. Completes Hostess Acquisition". CSP Daily News. Retrieved November 21, 2023.
  61. ↑ "The J. M. Smucker Company Declares Dividend" (Press release). The J. M. Smucker Company. October 20, 2017. Retrieved November 14, 2017– via PRNewswire.com.
  62. ↑ "Fruit Spreads". Smucker's. 2021.
  63. ↑ "Peanut Butter". Smucker's. 2021.
  64. ↑ "Syrups". Smucker's. 2021.
  65. ↑ "Ice Cream Topping Brands". Smucker's. 2021.
  66. ↑ "Uncrustables". Smucker's. 2021.
  67. ↑ "James, Jellies, and Fruit Spreads". Smucker's. 2021.
  68. ↑ "Ice Cream Brands". Smucker's. 2021.
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