The J. M. Smucker Company
The J. M. Smucker Company
The J. M. Smucker Company
Sales: $2.15 billion (2006)
Stock Exchanges: New York
Ticker Symbol: SJM
NAIC: 311211 Flour Milling; 311225 Fats and Oils Refining and Blending; 311230 Breakfast Cereal Manufacturing; 311412 Frozen Specialty Food Manufacturing; 311421 Fruit and Vegetable Canning; 311423 Dried and Dehydrated Food Manufacturing; 311514 Dry, Condensed, and Evaporated Dairy Product Manufacturing; 311822 Flour Mixes and Dough Manufacturing from Purchased Flour; 311911 Roasted Nuts and Peanut Butter Manufacturing; 311999 All Other Miscellaneous Food Manufacturing; 312111 Soft Drink Manufacturing
The J. M. Smucker Company (generally called Smucker’s) has been the top producer and marketer of jams, jellies, and preserves in the United States, mainly under the flagship Smucker’s brand, for nearly three decades, but the firm has developed—principally through two major acquisitions in 2002 and 2004—a wide-ranging portfolio of branded foods. In addition to two other leading U.S. brands, Jif peanut butter and Crisco cooking oils and shortening, Smucker’s also produces Pillsbury flour, baking mixes, and ready-to-spread frostings; Hungry Jack pancake mixes, syrup, and potato side dishes; Martha White baking mixes and ingredients; Pet canned milk products; and Smucker’s Uncrustables frozen sandwiches. The company operates about 20 manufacturing and processing facilities in the United States and Canada. Smucker’s distributes its products in more than 45 countries worldwide, with foreign sales accounting for 19 percent of the total, but 90 percent of the non-U.S. revenues are generated in Canada. The familiar corporate slogan, “With a name like Smucker’s, it has to be good,” alludes both to the company’s founding family and its reputation for high-quality products. The firm is also known for its insistence on independence: Members of the Smucker family continue to head the company, and they control about 9 percent of the firm’s common shares.
The company was founded in 1897 by Jerome Monroe Smucker, a Mennonite from the small agricultural community of Orrville, Ohio, about 45 minutes south of Cleveland. The Mennonites’ traditional disdain for modernization did not keep Smucker from rational and efficient business practices. He applied his education from a two-year business course at a nearby academy to the management of four farms and a creamery that shipped butter as far as New York City. The success of his businesses allowed him to expand operations around the close of the century, when Smucker bought a cider mill and began pressing apples from an orchard planted in the early 19th century by Johnny Appleseed. To even out the seasonality of apple cider sales, Smucker began to make apple butter from his Pennsylvania Dutch grandfather’s recipe. Smucker’s steam-powered press and secret method for capturing the vapors usually lost in cooking gave the spread a unique flavor that soon drew more customers than the cider mill and creamery. Smucker staked his name and reputation on each crock of apple butter, hand-signing the paper lid on every package.
The family-owned business prospered. J. M. Smucker’s eldest son, Willard, began delivering the 25 cent, half-gallon tubs in a wagon at the age of ten. By 1915, the first year for which records are available, the business was bringing in nearly $60,000 and netting almost $3,000 annually. Sales had topped $147,000 by 1921, the year The J. M. Smucker Company was incorporated and capitalized at $100,000.
Smucker’s offered a full line of preserves (generally made from whole fruit or large pieces of fruit) and jellies (made from strained, pure fruit juice). J. M. Smucker owned 94 percent of the private company’s stock; his sons and daughters split the remainder. The company had grown to such a scale that in 1928 the Pennsylvania Railroad built a special siding to the Smucker plant, as the company’s products were distributed in ever increasing volume throughout Ohio, Pennsylvania, and Indiana.
Sales continued to grow in spite of the October 1929 stock market crash, nearing $319,000 in 1931. Still, the company did not emerge from the crisis unscathed: It recorded two consecutive years of losses in 1932 and 1933. Throughout this period, J. M. Smucker began to delegate authority to Willard, who directed the establishment of Smucker’s first facility outside Ohio in 1935. The plant was located in the state of Washington, chosen for its high-quality, low-priced apples, which were preprocessed, then shipped to Orrville for cooking. The move set Smucker’s up for national distribution and marked the first step toward the vertical integration that would become a company hallmark.
Packaging and marketing were taken for granted at Smucker’s until 1938, when Willard decided that the traditional crockery was too heavy and awkward to ship. He wanted to shift to a more modern glass package without losing the Smucker reputation for “old-fashioned” quality. The glass jar he designed and later trademarked reflected the old crock, and its label, showing a pioneer woman boiling up a batch of apple butter over an open fire, reinforced Smucker’s quaint image. The new package was a success; after its introduction, sales surpassed the $1 million mark in 1939. The new jar and label also garnered the company an award from the National Packaging Show for best packaging design success. National distribution of Smucker’s products began in 1942.
The war years at Smucker’s were characterized by labor, glass, and fruit shortages, but the company withstood such hardships to celebrate its 50th anniversary in 1947. Founder J. M. Smucker, too, endured just long enough to see his business through five decades: he passed away at the age of 90 the following year.
Our Basic Beliefs are an expression of the values and principles that guide our Company’s strategic behavior and direction. These basic beliefs are deeply rooted in the philosophy and heritage of the Company’s founder, Jerome Monroe Smucker. Because he made a quality product, sold it at a fair price, and followed sound policies, the Company prospered.
Today, we continue to grow by adhering to our Basic Beliefs of quality, people, ethics, growth, and independence. These time-honored principles have served as a strong foundation throughout our history, and serve as the guideposts for all our future strategy, plans, and achievements.
The second generational transfer of power at Smucker’s began in the late 1950s, when son Paul joined Willard in drawing up a plan for future growth and diversification. Like his father, Paul had started working in the family business at a young age. From the age of 13, according to the Wall Street Journal, “after school and during the summer months, he did everything from janitorial work to assisting the cook.” Paul earned a business degree from Miami (Ohio) University in 1939, then returned to Orrville to work full time as a cost accountant at a salary of $100 per month. After marrying and serving in the Navy for three years during World War II, Paul was put in charge of a recently acquired applesauce factory. Despite the venture’s failure, Paul’s responsibilities increased: he was promoted to corporate secretary in 1946, treasurer in 1949, executive vice-president in 1954, and president in 1961.
In spite of merger offers from such respected giants of the food industry as Quaker Oats, Ralston Purina, Beatrice Foods, and Borden, the family opted to remain independent. In 1959 they offered one-third of the company to the public, raising $2.3 million for capital investments. At the time, Smucker’s had annual sales of $11.4 million and earnings of $812,000. The family business legacy under Paul Smucker included an aversion to long-term debt and “an almost obsessive concern for avoiding any move that might adulterate his company’s products or blemish the corporate image,” according to the Wall Street Journal.
Paul Smucker led a two-decade period of dramatic growth through increasing vertical integration, product diversification, acquisition, and national advertising and market penetration that culminated in the company’s 1980 dominance of the fruit spread market. From early in its history, the company sought control of all aspects of production. Contracting directly with farmers for fruit crops precluded buying produce on the open market and empowered Smucker’s to control production from seed to jam. Along with this vertical integration came vertical quality control. Beginning in 1946, Smucker’s paid U.S. Department of Agriculture inspectors to oversee every aspect of its production, earning the company the designation “U.S. Grade A Fancy.” This evidence of quality assurance allowed Smucker’s a higher markup and better shelf placement.
Smucker’s maintained its quality control as it expanded. The company opened a manufacturing plant in Salinas, California, that increased production capacity by 40 percent in 1960. Acquisitions, including $4 million (annual sales) West Coast jam and jelly maker Mary Ellen’s, Inc. (1963) and Pennsylvania peanut butter manufacturer H.B. DeViney Company, Inc. (1965), helped extend Smucker’s geographical reach, augmented its annual sales volume, and increased product variety. Smucker’s most successful and innovative internally developed product was a candy-cane-striped mixture of peanut butter and jelly dubbed “Goober Jelly.” The company expanded its product line to over 100 varieties, including ice cream toppings, which accounted for 20 percent of sales by 1960. By the late 1960s, jellies, jams, and preserves comprised less than two-thirds of sales. Product acquisitions and internal developments helped diversify the company’s offerings, but not all new product launches and acquisitions were successful. The 1965 purchase of Wooster Preserving Company and the 1966 purchase of H.W. Madison Co., both pickle concerns, became oft-noted examples of failure.
In spite of Willard Smucker’s general disdain for advertising, the company hired Wyse Advertising of Cleveland to produce radio spots in 1961. The agency thought up the enduring “With a name like Smucker’s, it has to be good” slogan the following year. Family members did not relish the thought of making fun of their own name at first, but the tagline’s phenomenal success on the West Coast persuaded them to use it for the brand’s New York launch in the later years of the decade.
- Jerome Monroe Smucker opens a cider mill in Orville, Ohio, and later begins making apple butter.
- Smucker incorporates his company as The J. M. Smucker Company.
- Company expands its product offerings to include a full line of preserves and jellies.
- Firm moves toward national distribution with establishment of fruit processing plant in the state of Washington.
- Company goes public.
- The enduring “With a name like Smucker’s, it has to be good” slogan is used for the first time.
- Smucker’s attains the number one spot among U.S. jelly and jam manufacturers.
- International expansion begins via two acquisitions in Canada.
- Smucker’s Uncrustables frozen sandwiches make their debut.
- In a $781.5 million stock transaction, Smucker’s acquires the Jif peanut butter and Crisco shortening brands from the Procter & Gamble Company.
- Company acquires International Multifoods Corporation in an $871 million deal that brings Pillsbury baking mixes, Hungry Jack pancake mixes and syrup, and other brands into the fold.
Sales doubled from $14.6 million in 1961 to $30 million in fiscal 1965. Smucker’s stock more than tripled from its $20 issue price to $67.50 in 1965, when it was split 3-for-1 and listed on the New York Stock Exchange. Despite its growth, the company ranked second to grocery chain A&P’s Ann Page store brand at the end of the decade. Smucker’s increased its advertising budget to $1.3 million to accommodate network television, and continued to push for first place.
Profits more than tripled to $3 million between 1959 and 1969, then dropped almost 13 percent in the 1970 fiscal year in spite of a sales increase. The company continued to have troubles throughout the decade. Not able to increase prices as fast as inflation boosted overhead, the Smuckers’ steadfastly refused to compromise quality to pad earnings. As a result, profit margins shrunk from 16 percent in 1964 to 11 percent in 1970. Smucker’s instituted cost-cutting measures, including the consolidation of three packing operations into two and corresponding workforce reductions that reduced the payroll by 15 percent between 1973 and 1984. The 1969 and 1971 acquisitions of manufacturing operations in Oregon, Tennessee, and California enhanced economies and enabled Smucker’s to sell its excess fruit to competitors.
Still the number two jelly manufacturer (now trailing Welch’s) in 1974, Smucker’s launched a concerted effort to dominate the industry. The company broadened its institutional markets and rounded out consumer jelly lines with the introduction of “Smucker’s for Kids,” a lower-priced line, as well as low-calorie and all-natural products. The combination of increased advertising, more thorough market penetration (especially in the South), and the 1979 acquisition of the Dickinson’s line of gourmet preserves and jellies, catapulted Smucker’s to the number one spot among jelly and jam manufacturers, with over one-fourth of the market, in 1979. Over the course of the decade, sales increased almost three times to $145.8 million, and profits nearly doubled to $5.9 million.
The 1970s also saw the ascent of Smucker’s fourth generation of family leadership, when Timothy Smucker was appointed vice-president of planning. The assignment marked a new, more modern approach to strategic, tactical, and operational planning, as the company began to rival some of the world’s largest food companies in its specialized niche. Timothy refined the “Basic Beliefs” first outlined by his father in 1967, including commitments to quality, personal and business ethics, growth, and independence. He incorporated them into a detailed blueprint for the company’s future. Timothy was promoted to president and chief operating officer and brother Richard earned the title chief administrative officer in addition to executive vice-president in 1981.
As the leader of the highly competitive, but slow growing, jam and jelly market, Smucker’s found itself ever more dependent on heavy advertising expenditures, acquisitions, and product launches to increase sales and earnings in the 1980s. A four-year plant expansion program was announced in 1982 on the heels of a 39 percent year-to-year earnings gain. Magic Shell brand ice cream toppings were purchased from Foremost-McKesson in 1980 and Knudsen & Sons, Inc., a manufacturer of pure fruit juices, joined the family of companies in 1984. The 1987 purchase of R-Line Foods complemented Smucker’s institutional operations. Also in 1987 Timothy Smucker was named chairman and Richard Smucker assumed the presidency, while Paul Smucker remained involved in the business as chairman of the executive committee.
Smucker’s began international efforts in the late 1980s. In 1988 it acquired Canada’s Good Morning brand marmalade (citrus jelly made of small pieces of fruit) and Shirriff ice cream toppings, as well as Elsenham Quality Foods, Ltd., a British manufacturer of specialty preserves, marmalades, and fruit chutneys. Henry Jones Foods, producer of “one of Australia’s oldest and best-known labels,” IXL preserves and jams, was purchased the following year. Sales more than doubled from $151 million in 1980 to $367 million in 1989, and earnings quadrupled during the same period from $6.7 million to $27.6 million. By 1993, international sales comprised almost 8 percent of Smucker’s annual total.
Smucker’s entered the 1990s with 38 percent of the domestic jam and jelly market. The fourth generation leaders set an even loftier goal for their namesake brand and company: a 70 percent share. However, with tenacious, experienced rivals such as Kraft and Welch’s as well as locally strong store brands, the company had its work cut out for it. In 1994 Smucker’s ended its 35-year relationship with Wyse Advertising in favor of Leo Burnett Company, Inc., an agency company executives believed could support the brand’s aspirations.
In the early 1990s, members of the Smucker family continued to control over half of the company’s stock, and evinced no intentions of relinquishing that majority rule. As consolidation within the food industry gained momentum, the family shored up its takeover defenses by creating a new class of nonvoting stock. This allowed older members (Paul Smucker, for example) to plan their estates without relinquishing influence. From 1990 to 1993, sales increased over 16 percent to $491.3 million, as Smucker’s sought to increase per capita consumption of its products, as well as increase its market share in each category.
Smucker’s in the mid-1990s continued to pursue acquisitions, some of the international variety and some aimed at broadening the product portfolio. In July 1993 the firm significantly expanded its presence in the Canadian market by acquiring the jam, preserve, and pie filling business of Montreal-based Culinar, Inc., for $16.1 million. In March of the following year, Smucker’s completed its largest purchase yet, acquiring the Mrs. Smith’s frozen pie business from the Kellogg Co. for $84.1 million and thereby expanding into the frozen food section of the supermarket and gaining a foothold in the dessert category. Later in 1994 Smucker’s acquired After The Fall Products, Inc., a maker of natural fruit juices and sodas based in Brattleboro, Vermont, and the Laura Scudder’s brand of natural peanut butter. After The Fall fit in well alongside Smucker’s Knudsen natural-beverage brand.
Whereas the After The Fall and Laura Scudder’s brands enjoyed steady growth following their arrival at Smucker’s, the Mrs. Smith’s deal quickly turned sour. Part of the problem was poor timing. The Mrs. Smith’s acquisition had occurred at a time when sales of frozen pies were shrinking, in part because of the growth of in-store bakeries. Mrs. Smith’s was also in the process of an expensive national rollout of a new line of lower-calorie desserts. The new product flopped, however, and it was pulled from the market in 1995. By the fall Smucker’s had decided to return to its core product areas and divest the Mrs. Smith’s line. Two separate deals to sell the line, a November 1995 agreement with SBI Brands Inc. and a March 1996 agreement with ConAgra Foods, Inc., fell apart soon after they were announced when the parties were unable to come to final terms. Ultimately, Smucker’s succeeded on its third try, offloading Mrs. Smith’s at a loss to Flowers Industries Inc. in May 1996. In the meantime, disappointing results at Elsenham Quality Foods led Smucker’s to sell this U.K. business in December 1995, incurring a loss there as well.
In 1997, when Smucker’s celebrated its 100th year, the company continued the fight to maintain its dominance of the jelly and jam sector in the face of the increasing encroachment of private-label products. Smucker’s acquired Kraft Foods, Inc.’s U.S. fruit spread business, which held around 2 percent of the market, and also introduced the reduced-calorie Smucker’s Light line. Another noteworthy product introduced in 1997 was Smucker’s Snackers, a prepackaged peanut butter, jelly, and crackers snack kit. Shelf stable, meaning that refrigeration was not required, the product was designed for children to take to school and proved to be a hit. The firm also began pursuing cobranding and licensing deals that year. Smucker’s teamed up with Brach & Brock Confections, Inc. (later known as Brach’s Confections, Inc.) to produce Brach’s Smucker’s jelly beans and fruit chews. Via a licensing deal with Mars, Incorporated, Smucker’s introduced Dove ice cream toppings.
Acquisitions remained on the agenda in the late 1990s, as Smucker’s also developed new sales channels. In 1998 Henry Jones Foods, Smucker’s Australian subsidiary, acquired the Allowrie jam brand, the number four jam brand in Australia. The following January, Smucker’s acquired the Adams brand of natural peanut butter from Agrilink Foods, Inc. Adams products were available exclusively in the northwestern United States and western Canada. In late 1998 Smucker’s entered the mail-order business, sending out hundreds of thousands of catalogs in its first mailing. The company soon launched online sales as well, and in May 1999 the firm opened its first retail store. Located in Orrville about three miles south of the company headquarters and called Simply Smucker’s, the 3,100-square-foot store offered more than 350 Smucker’s products and gifts and served as a brand showcase. With food manufacturers fighting for retailers’ shelf space, these new sales channels provided Smucker’s with the ability to directly connect with its customers and offer products to them that might not be available at the local supermarket. In the meantime, the involvement of the third generation of Smuckers in the business ended with the death of Paul Smucker in December 1998 at age 81. Smucker’s concluded the 1990s by posting net income of $37.8 million for fiscal 1999 on sales of $602.5 million.
Smucker’s entered the 21st century still an independent company but a conservatively run one perhaps in danger of being swallowed up by one of the food industry’s ever larger giants. Just a half a decade later, the company had tripled its sales thanks primarily to two major acquisitions that belied Smucker’s sleepy image. The company began the decade, however, continuing to pursue smaller deals. In early 2000 Smucker’s purchased a plant in Brazil to process fruit-based ingredients for the Dannon Company, Inc., a move that supported Smucker’s position as a major supplier of fruit ingredients for Dannon yogurt. Later in the year Henry Jones Foods made another acquisition in Australia, adding the Taylor Foods line of prepared sauces and marinades. Smucker’s also simplified its share structure in 2000, creating a single class of common stock. Perhaps the most significant outcome here was that the Smucker family’s voting interest in the company was reduced from 75 percent to around 34 percent. Smucker’s also scored big in 2000 on the new product development front when it introduced Uncrustables, a package of frozen peanut-butter-and-jelly sandwiches on crustless white bread. Like the Snackers product, Uncrustables was primarily aimed at children and was designed to be particularly convenient for school lunches or for snacking at anytime of the day, needing only to be thawed for about 20 minutes before being ready to eat. Even before launching Uncrustables into the consumer market, Smucker’s had successfully introduced the product into school lunch programs around the country as part of the firm’s growing food-service business.
In early 2001 Timothy and Richard Smucker began serving as co-CEOs of Smucker’s, adding this title to their previous duties as chairman and president, respectively. Smucker’s enhanced its industrial business in October of that year by acquiring International Flavors & Fragrances Inc.’s fruit and vegetable preparation businesses, which had operations in the United States and Brazil. The much larger news that month, however, involved Smucker’s reaching an agreement to acquire the Jif peanut butter and Crisco cooking oil and shortening brands from the Procter & Gamble Company (P&G). This deal, completed in June 2002, thoroughly transformed Smucker’s. Beforehand, the company generated about half of its revenues from fruit spreads. Afterward, Smucker’s had a balanced portfolio of three brands, each of which was responsible for around one-quarter of sales with all three holding the number one position in their respective categories in the United States. Acquiring Jif was particularly significant given the synergies between this top peanut butter brand and Smucker’s core jellies and jams; in fact, Smucker’s had coveted Jif for decades as Paul Smucker had approached P&G officials about buying it as far back as the 1970s.
On the revenue front, the purchase nearly doubled Smucker’s sales, which totaled $1.31 billion for the fiscal year ending in April 2003. That the deal was structured as a tax-free transaction using Smucker’s stock was also significant. P&G first spun Jif and Crisco off to P&G shareholders and then Smucker’s immediately acquired the brands. P&G shareholders received one Smucker’s share for every 50 P&G shares they owned, which translated into an acquisition price of $781.5 million in stock. Because of the payment in stock, the Smucker family’s stake in the company was further reduced by more than half, down to around 16 percent.
During fiscal 2003, in addition to increasing marketing support for Jif and Crisco by 50 percent, Smucker’s also made a series of restructuring moves aimed at cutting costs. Three plants were shut down in the United States, the workforce was cut by 335 jobs, and the company stopped making about 1,000 products that collectively were generating less than 2 percent of sales. In May 2004 production began at a new $70 million facility in Scottsville, Kentucky, dedicated solely to production of the expanding Uncrustables line. Electing to concentrate more keenly on its North American branded, retail foods operations, Smucker’s in 1994 sold Henry Jones Foods to SPC Ardmona Ltd. for $35.7 million and also offloaded its industrial ingredient businesses in the United States and Brazil. In January 2004 Smucker’s, with a longstanding reputation as a good employer, was named as the best place to work in the nation by Fortune magazine, becoming the first manufacturing company to receive this distinction.
In June 2004 Smucker’s completed its second transformative acquisition of the new century. Having gained a foothold in the baking aisle via the addition of Crisco, the company took a major leap into that section by acquiring International Multifoods Corporation (IMC) of Minnetonka, Minnesota. Purchasing IMC brought into the Smucker’s fold the Pillsbury line of baking mixes and ready-to-spread frostings; Hungry Jack pancake mixes, syrup, and potato side dishes; Pet evaporated milk; and Martha White baking mixes. Smucker’s also gained several Canadian brands: Robin Hood flour, Bick’s pickles and condiments, and Golden Temple flour and rice. The purchase price was approximately $871 million in cash, stock, and assumed debt; the stock included in the deal further reduced the Smucker family’s stake in the company to around 12 percent. The deal pushed revenues over the $2 billion mark for fiscal 2005, while the net income figure of $129.1 million was more than three times the figure for 2000. Fruit spreads accounted for only around 14 percent of overall revenues. Thanks to the addition of the Canadian brands, revenue generated north of the border jumped from just $64.3 million in 2004 to $338.8 million in 2005, representing more than 16 percent of the total.
During 2005, while working to integrate the IMC brands into its existing operations, Smucker’s sold some peripheral businesses it had inherited, including IMC’s foodservice and bakery products units in the United States and a Canadian foodservice business operating under the Gourmet Baker name. Net sales were up 5 percent in fiscal 2006 to $2.15 billion, driven largely by a 29 percent increase in sales of Uncrustables products. Annual revenue from this line, which had been expanded to include such sandwiches as peanut butter and honey on wheat bread and grilled cheese, had grown to more than $85 million. In the fall of 2006 Smucker’s unloaded another noncore asset, its Canadian grain-based foodservice and industrial businesses, and it acquired the White Lily brand from C.H. Guenther & Son, Inc. The White Lily line, which generated annual sales of $33 million, encompassed flours, cornmeal, muffin mixes, grits, and frozen biscuits, making a neat fit with Smucker’s other baking brands.
As part of an industry trend, Smucker’s in January 2007 announced that it had reformulated its entire line of Crisco shortening products to nearly eliminate artery-clogging trans fats from their formulas. Looking ahead, Smucker’s had set an overall long-term sales growth target of 8 percent per year, with half of this increase slated to come from its core business and new products and half from acquisitions. In April 2007 the company announced a significant acquisition aimed at helping it stay on track with these targets. Smucker’s agreed to purchase Eagle Family Foods Holdings, Inc., a private company based in Columbus, Ohio, for $133 million in cash and the assumption of $115 million in debt. Eagle was the largest producer of sweetened condensed and evaporated milk in the United States and Canada, marketing under the Eagle and Magnolia brands, and it also owned a grab bag of other brands, including None Such mincemeat, Kava acid-neutralized coffee, and Borden eggnog. Eagle’s revenues for fiscal 2006 totaled $206 million.
April Dougal Gasbarre
Updated, David E. Salamie
J.M. Smucker LLC; Smucker Fruit Processing Company; The Dickinson Family, Inc.; J.M. Smucker (Pennsylvania), Inc.; Mary Ellen’s, Incorporated; Smucker Quality Beverages, Inc.; Juice Creations Co.; Knudsen & Sons, Inc.; Santa Cruz Natural Incorporated; Rocket Juice Company; Smucker Holdings, Inc.; Simply Smucker’s, Inc.; Smucker Direct, Inc.; Smucker Latin America, Inc.; J.M. Smucker de Mexico, S.A. de C.V.; Smucker Hong Kong Limited; JM Smucker (Scotland) Limited; Smucker-IMC, Inc.; Fantasia Confections, Inc.; IMC North America, Inc.; IMC U.S., Inc.; Inversiones 91060, C.A. (Venezuela); Martha White Foods, Inc.; IMC Bakery International, Inc.; Smucker Brands, Inc.; Smucker Bakery Manufacturing, Inc.; RHM Corporation (Canada); RHM Management Inc. (Canada); RHM Canada LP; Smucker Foods of Canada Co.
Unilever; National Grape Cooperative Association, Inc.; ConAgra Foods, Inc.; B&G Foods, Inc.; Kraft Foods Inc.; Ralcorp Holdings, Inc.; Tropicana Products, Inc.; The Coca-Cola Company; General Mills, Inc.; Pinnacle Food Group, Inc.; Dean Foods Company.
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