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The J. M. Smucker Co. has acquired Knott's Berry Farm food brands - including jams, jellies, preserves, and gift boxes -- from ConAgra Foods, Inc.
The transaction does not include the Knott's Berry Farm amusement park, which is not owned by either company. Financial terms were not disclosed.
"Knott's Berry Farm is a well recognized brand with a long and rich history, complementing our existing line of fruit spreads and offering our consumers additional choices," said Vincent Byrd, Smucker's s.v.p., consumer market.
Production for the acquired business, which is expected to add approximately $40 million in annual net sales for Smucker, will be transitioned to the Orrville, Ohio-based company's facilities over the next four months.
Gary Rodkin, ConAgra Foods' c.e.o., said despite the strong equity of the Knott's Berry brand, "given our priorities, we simply could not give it the attention it needs to grow. This transaction makes solid business sense for us."
The transaction does not affect ConAgra Foods' previously announced expected sales and profit growth expectations for FY09.