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CINCINNATI - Procter & Gamble Co. and the J.M. Smucker Co. on Saturday finalized a stock deal that transferred P&G's Jif peanut butter and Crisco cooking products lines to Smucker, The Associated Press reports.
"Our strategy involves the marketing of No. 1 grocery brands as Smucker's is," said Smucker spokesman Steven Ellcessor. "We are always interested in developing and acquiring brands that are leaders in their category. Jif is the leading peanut butter. Crisco is the leading shortening and oil."
Ellcessor said Smucker had been interested in acquiring Jif for 20 to 25 years. "It's sort of a natural fit with jam and jelly," he said.
The deal was announced in October. The Jif and Crisco brands will be spun off from P&G and merged into Smucker, according to AP.
The deal also includes the Jif and Crisco plants in Lexington, Ky., and Cincinnati. Smucker will absorb about 400 employees from P&G, including most employees of the two plants.
Orrville, Ohio-based Smucker has said the deal eventually will almost triple its annual earnings and double annual sales to $1.3 billion.