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The J. M. Smucker Company to Merge P&G's Folgers Business into the Company in an All-Stock Transaction
Date:6/4/2008

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-- Longer term, sales for Smucker are expected to increase 6 percent per

year with acquisitions continuing to play a strategic role. The

ability to leverage the sales growth results in an expected earnings

per share growth rate of 8 percent or greater.

-- Smucker will continue to maintain a strong balance sheet with a

conservative leverage profile and substantial incremental free cash

flow, after capital expenditures ("FCF"). Smucker is expected to

generate pro forma FCF of approximately $400 million, which is 12

percent accretive on a per share basis. The enhanced cash flow will

allow Smucker to continue its historic strong dividend practice,

typically in the range of 40 percent of earnings, to pursue accretive

market-leading brand acquisitions, and to fund future share

repurchases.

Executive Comments

"Folgers is a perfect strategic fit within our portfolio of leading and iconic North American food brands," said Tim Smucker, Chairman and Co-Chief Executive Officer of Smucker. "Folgers will become our tenth number one brand in North America and will further enhance the high quality, great tasting, diverse product offerings that consumers expect from Smucker. We are proud to welcome the talented Folgers employees to the Smucker Company where brands and people are about more than making and marketing products. We believe the many common values shared by our organizations represent a great foundation for a smooth integration."

"Coffee is the perfect complement to breakfast or dessert -- two areas we know a lot about," said Richard Smucker, President and Co-Chief Executive Officer of Smucker. "Like Smucker's, Jif, Crisco, and Pillsbury, the Folgers brand has exceptional equity with consumers. The addition of Folgers will also enhance our ability to reach out to consumers at retail through complementary, multi-brand merchandising activiti
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SOURCE The J. M. Smucker Company; The Procter & Gamble Company
Copyright©2008 PR Newswire.
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