Procter & Gamble to sell Folgers to Smucker for $3.3B

Procter & Gamble Co. said Wednesday it will sell its Folgers brand to J.M. Smucker Co. in an all-stock deal valued at $3.3 billion.

The line of coffee products, with more than $1 billion in annual sales, will join former P&G brands such as Jif peanut butter and Crisco, which Orrville, Ohio-based Smucker acquired in 2002. The Folgers headquarters and its 250 employees will for now remain in Cincinnati and be headed by Jamie Egasti, president of coffee and global snacks at P&G, as previously planned.

Likewise, Smucker said it will continue to operate the Folgers manufacturing plants in New Orleans, Kansas City, Mo. and Sherman, Texas, along with a distribution center in New Orleans. Combined, Folgers employs 1,250.

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- Posted: 2008-06-04 10:25:45

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