J.M. Smucker Buys Folgers for $3.3 Bil.

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NEW YORK J.M. Smucker said today that it has acquired the Folgers coffee brand from Procter & Gamble for approximately $3.3 billion.

The addition of Folgers to J.M. Smucker’s portfolio — which includes the Smucker’s brand, as well as Jif, Crisco, Pillsbury and Hungry Jack — could drive net sales to about $4.7 billion for the 2009 fiscal year, according to the company. The coffee brand is estimated to bring in roughly $1 billion in annual sales.

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