ORRVILLE, Ohio, USA – The J.M. Smucker Co. announced last week that its Board of Directors approved a $1.08 per share dividend on the common shares of the Company. The dividend will be paid on Monday, December 2, 2024, to shareholders of record at the close of business on Friday, November 15, 2024.
The J.M. Smucker Co. is a leading competitor in the U.S. coffee market, with brands of the likes of Folgers, Café Bustelo and Dunkin’, the latter being licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels, such as grocery stores, mass merchandisers, club stores, e-commerce and drug stores, and in certain away from home channels.
In other news, the J.M. Smucker Co.also announced it had entered into a definitive agreement to sell its Voortman cookie brand to Second Nature Brands, a U.S.-based creator of premium snacks and treats controlled by CapVest Partners LLP
The Voortman brand generated net sales of approximately $65 million for the Company’s fiscal year ended April 30, 2024, which represents a partial year of net sales reported in its Sweet Baked Snacks segment results following its acquisition on November 7, 2023. For fiscal year 2025, the Company anticipates full-year net sales from the Voortman brand to be approximately $150 million.
The all-cash transaction is valued at approximately $305 million, subject to a working capital adjustment. The decision reflects the Company’s continued commitment to optimize its portfolio and reallocate resources to its core growth brands.
The Company also confirmed continued progress on the integration of Hostess Brands, including the successful completion of systems integration earlier this month, and that it remains on track to achieve expected synergies of $100 million from the acquisition by the end of fiscal year 2026.
