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THURSDAY, NOVEMBER 26, 2009
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Smucker Nears Folgers Deal

Best part of waking up is market-leading coffee sales

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(Newser) – A deal in which JM Smucker Co. will acquire Folgers from Proctor & Gamble is percolating and expected to close this week, the Wall Street Journal reports. The all-stock purchase, which could ring in at $2 billion or more, means Smucker will nearly double in size and take over the leading spot in the coffee market.

Proctor & Gamble has been steadily selling off slow-growing food businesses to focus on companies in the health and beauty industries. In 2002, Smucker rocketed to No. 1 in the peanut butter and cooking oils markets when it picked up P&G’s Jif peanut butter and Crisco shortening brands. That all-stock deal was valued at almost $1 billion.

Smucker's expected purchase of Folgers means it will take the top spot in the coffee market.
Smucker's expected purchase of Folgers means it will take the top spot in the coffee market.   (Getty Images)
TV actress Chandra Wilson tapes a Folgers Gourmet Selections commercial.
TV actress Chandra Wilson tapes a Folgers Gourmet Selections commercial.   (AP Photo)
Folgers is the top-selling ground coffee in the US, with annual sales of $1.6 billion.
Folgers is the top-selling ground coffee in the US, with annual sales of $1.6 billion.   (Getty Images)
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