Smucker agrees to acquire frozen fruit firm

The J. M. Smucker Company has entered into an agreement, through a subsidiary, to acquire Europe's Best Inc., a privately owned company headquartered in Montreal, Quebec. Europe's Best, a leading brand of all-natural, frozen fruit in Canada, recently entered the United States market and is now available at select retailers, primarily in the eastern and southern regions of the nation.

The transaction is expected to close by the end of March 2008. For fiscal 2009, the acquired business is expected to add about $70 million in net sales and be slightly accretive to earnings. Europe's Best's administrative functions in Montreal are expected to be transitioned to the Company's Canadian headquarters in Markham, Ontario, by the end of October 2008.