PHARMACY

Smucker announces completion of Folgers acquisition

BY Jenna Duncan

ORRVILLE, Ohio J. M. Smucker Co. announced today the finalization of its acquisition deal with the Folgers Coffee Co. Folgers was previously a subsidiary of food and personal products giant Procter & Gamble Co.

Smucker has purchased the Folgers coffee business for a sum of $3 billion, including issuance of Smucker common shares and paying for $350 million of Folgers’ debt, as part of the deal. Additionally, Smucker paid a $5 per share dividend to all the shareholders of Smucker’s on-record by Sept. 30, the company said.

“We are very pleased with the completion of the Folgers transaction and believe that, as the number one retail packaged coffee brand in the United States, Folgers clearly aligns with our strategy to own and market number one food brands in North America,” executive chairman and co-chief executive officer of Smucker, Richard Smucker, said.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
PHARMACY

AHIMA applauds Barack Obama for campaign success

BY Alaric DeArment

CHICAGO The American Health Information Management Association has congratulated Barack Obama on his election as president of the United States, calling for reform of the healthcare system.

“Given the president-elect’s strong statements in support of health information as a key to expanding healthcare coverage while improving quality and controlling costs‹most recently during his infomercial last week—AHIMA is understandably optimistic,” AHIMA chief executive officer Linda Kloss said in a statement. “We urge the Obama administration to pursue the imperative of a 21st century health information platform that offers providers, payers and patients the accurate, integrated and secure electronic information they need to make decisions of utmost importance.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
PHARMACY

GlaxoSmithKline consolidates U.S. headquarters, announces layoffs of 1,000

BY Jenna Duncan

PHILADELPHIA GlaxoSmithKline, the maker of Abreva, Aquafresh toothpastes, Nicorette, Sensodyne and Tums will cut its workforce by about 1,800 jobs and make Research Triangle Park in North Carolina its permanent North American headquarters, replacing the current U.S. headquarters in Philadelphia, reports said today.

GlaxoSmithKline has had duel headquarters in the United States since the merger between Glaxo Wellcome and SmithKline Beecham was finalized in 2000, The Wall Street Journal today reported.

Today, GSK said that it will cut 1,800 positions, laying off about 1,000 people and eliminating hundreds of vacant positions, reports said.

GSK’s global headquarters are in London. The company is currently in the midst of belt-tightening in many departments due to growing pressure from the quickly expanding generic drug market and a decline in drug sales.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?