# EDGAR Filing Document

**Accession Number:** 0000091419
**File Stem:** 0000091419-23-000015
**Filing Date:** 2023-2
**Character Count:** 15009
**Document Hash:** 4f7dd83e570f12cc56a53a24f9e5d825
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000091419-23-000015.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0000091419-23-000015

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230208

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J M SMUCKER Co
- **CENTRAL INDEX KEY:** 0000091419
- **STANDARD INDUSTRIAL CLASSIFICATION:** CANNED, FRUITS, VEG & PRESERVES, JAMS & JELLIES [2033]
- **IRS NUMBER:** 340538550
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05111
- **FILM NUMBER:** 23599643

**BUSINESS ADDRESS:**
- **STREET 1:** ONE STRAWBERRY LANE
- **CITY:** ORRVILLE
- **STATE:** OH
- **ZIP:** 44667
- **BUSINESS PHONE:** 3306823000

**MAIL ADDRESS:**
- **STREET 1:** ONE STRAWBERRY LANE
- **CITY:** ORRVILLE
- **STATE:** OH
- **ZIP:** 44667

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMUCKER J M CO
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" ? sjm-20230208

**UNITED STATES**

S**ECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): February 8, 2023** 

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| |
|:---|
| **<u>The J. M. Smucker Company</u>** |
| (Exact Name of Registrant as Specified in Charter) |

---

---

| | | |
|:---|:---|:---|
| **Ohio** | **001-05111** | **34-0538550** |
| **(State or Other Jurisdiction** | **(Commission** | **(IRS Employer** |
| **of Incorporation)** | **File Number)** | **Identification No.)** |

---

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| | | |
|:---|:---|:---|
| **One Strawberry Lane** | **One Strawberry Lane** | |
| **Orrville,** | **Ohio** | **44667-0280** |
| **(Address of Principal Executive Offices)** | **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

Registrant's telephone number, including area code: **<u>(330) 682-3000</u>** 

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| |
|:---|
| **Not Applicable** |
| **(Former Name or Former Address, if Changed Since Last Report)** |

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**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| **Common shares, no par value** | **SJM** | **New York Stock Exchange** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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**Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;Other Events.**

On February 8, 2023, The J. M. Smucker Company (the "Company") announced it has entered into a definitive agreement to sell several pet food brands to Post Holdings, Inc., a consumer-packaged goods holding company headquartered in St. Louis, Missouri. The transaction is valued at approximately $1.2 billion, consisting of $700.0 million in cash and approximately 5.39 million shares of common stock of Post Holdings, Inc. The transaction is anticipated to close in the fourth quarter of the Company's current fiscal year ending April 30, 2023, subject to certain closing conditions, including the receipt of required regulatory approvals.

Attached as Exhibit 99.1 to this Current Report on 8-K and incorporated by reference into this Item 8.01 is a copy of the press release issued by the Company, dated February 8, 2023.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits

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| | |
|:---|:---|
| **<u>Exhibit</u>** | **<u>Exhibit Description</u>** |
| <u>[99.1](sjm20230208exhibit991.htm)</u> | <u>[P](sjm20230208exhibit991.htm)[ress Release issued by The J. M. Smucker Company](sjm20230208exhibit991.htm)[, dated February](sjm20230208exhibit991.htm)[8](sjm20230208exhibit991.htm)[, 2023.](sjm20230208exhibit991.htm)</u> |
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. |

---

**Forward Looking Statements**

This communication includes certain forward-looking statements within the meaning of federal securities laws. The forward-looking statements may include statements concerning our current expectations, estimates, assumptions, and beliefs concerning future events, conditions, plans, and strategies that are not historical fact. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expect," "anticipate," "believe," "intend," "will," "plan," "strive," and similar phrases. Federal securities laws provide a safe harbor for forward-looking statements to encourage companies to provide prospective information. We are providing this cautionary statement in connection with the safe harbor provisions. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made, when evaluating the information presented in this communication, as such statements are by nature subject to risks, uncertainties, and other factors, many of which are outside of our control and could cause actual results to differ materially from such statements and from our historical results and experience. These risks and uncertainties include, but are not limited to, the following: uncertainties relating to the timing of the consummation of the sale of certain pet food brands to Post Holdings, Inc. (the "Transaction"); the possibility that any or all of the conditions to the consummation of the Transaction may not be satisfied or waived, including failure to receive required regulatory approvals; the effect of the announcement or pendency of the Transaction on the Company's ability to retain key personnel and to maintain relationships with customers, suppliers, and other business partners; risks relating to potential diversion of management attention from the Company's ongoing business operations; and those described under "Risk Factors" in reports and statements filed by the Company with the U.S. Securities and Exchange Commission. We do not undertake any obligation to update or revise these forward-looking statements to reflect new events or circumstances.

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **THE J. M. SMUCKER COMPANY** | **THE J. M. SMUCKER COMPANY** |
| By: | /s/ Jeannette L. Knudsen |
|  | Name: Jeannette L. Knudsen |
|  | Title: Chief Legal Officer and Secretary |

---

Date: February 8, 2023

## Exhibit 99.1

<u>Exhibit 99.1</u>

![jmslogoa.jpg](jmslogoa.jpg)

**The J.M. Smucker Co. Announces Agreement to Divest Several Pet Food Brands as Part of Continued Portfolio Optimization and Long-Term Growth Strategy**

ORRVILLE, Ohio, Feb. 8, 2023 -- The J.M. Smucker Co. (NYSE: SJM) announced today it has entered into a definitive agreement to sell several pet food brands to Post Holdings, Inc., a consumer-packaged goods holding company headquartered in St. Louis, Missouri. The transaction is valued at approximately $1.2 billion, consisting of $700 million in cash and approximately 5.39 million shares of common stock of Post Holdings, Inc.

The transaction includes the *Rachael Ray® Nutrish®*, *9Lives®*, *Kibbles 'n Bits®*, *Nature's Recipe®*, and *Gravy Train®* brands as well as the Company's private label pet food business. The transaction includes relevant trademarks and licenses, and the Company's manufacturing and distribution facilities in Bloomsburg, Pennsylvania, as well as its manufacturing facilities in Meadville, Pennsylvania and Lawrence, Kansas. In addition, a group of employees will transition to Post Holdings, Inc. to support the business. The Company expects these brands to generate net sales of approximately $1.5 billion for the fiscal year ended April 30, 2023, which are primarily reported in the U.S. Retail Pet Foods segment.

"This divestiture supports our strategy to prioritize investments and resources in the areas of our business that offer the strongest growth and profit potential. In our pet business this is reflected in our focus on dog snacks and cat food, anchored by our *Milk-Bone®* and *Meow Mix®* brands, respectively," said Mark Smucker, Chair of the Board, President and Chief Executive Officer. "Portfolio optimization and strategic resource allocation remain key drivers of our long-term growth. The execution of this proven strategy has helped us streamline our business, improve margin mix, and position the Company to deliver continued shareholder value."

The Company expects the divestiture to be dilutive to its adjusted earnings per share by approximately $0.45 on a full-year basis, reflecting the foregone profit related to the divested brands and before factoring in any benefits from the use of transaction proceeds and the impact of stranded overhead costs. The Company anticipates replacing the divested earnings through the deployment of transaction proceeds and mitigating the impact of stranded overhead costs through initiatives within its Transformation Office over time.

The transaction is anticipated to close in the fourth quarter of the Company's current fiscal year ending April 30, 2023, subject to closing conditions including the receipt of required regulatory approvals. Goldman Sachs & Co., LLC is serving as the Company's financial advisor and Wachtell, Lipton, Rosen & Katz is serving as the Company's legal advisor in connection with the transaction.

The Company will discuss the transaction further during its prepared remarks at the Consumer Analyst Group of New York conference on Feb. 22, 2023 at 1:00 p.m. EST and when it releases its third quarter fiscal 2023 financial results on Feb. 28, 2023. The live webcasts and replays for both events can be accessed at the Company's website: investors.jmsmucker.com.

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<u>Exhibit 99.1</u>

**The J.M. Smucker Co. Forward Looking Statements** 

This press release ("Release") includes certain forward-looking statements within the meaning of federal securities laws. The forward-looking statements may include statements concerning our current expectations, estimates, assumptions and beliefs concerning future events, conditions, plans and strategies that are not historical fact. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expect," "anticipate," "believe," "intend," "will," "plan," "strive" and similar phrases. Federal securities laws provide a safe harbor for forward-looking statements to encourage companies to provide prospective information. We are providing this cautionary statement in connection with the safe harbor provisions. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made, when evaluating the information presented in this Release, as such statements are by nature subject to risks, uncertainties and other factors, many of which are outside of our control and could cause actual results to differ materially from such statements and from our historical results and experience. These risks and uncertainties include, but are not limited to, the following: uncertainties relating to the timing of the consummation of the sale of certain pet food brands to Post Holdings, Inc. (the "Transaction"); the possibility that any or all of the conditions to the consummation of the Transaction may not be satisfied or waived, including failure to receive required regulatory approvals; the effect of the announcement or pendency of the Transaction on the Company's ability to retain key personnel and to maintain relationships with customers, suppliers and other business partners; risks relating to potential diversion of management attention from the Company's ongoing business operations; and those described under "Risk Factors" in reports and statements filed by the Company with the U.S. Securities and Exchange Commission. We do not undertake any obligation to update or revise these forward-looking statements to reflect new events or circumstances.

**About The J.M. Smucker Co.** 

At The J.M. Smucker Co., it is our privilege to make food people and pets love by offering a diverse portfolio of brands available across North America. We are proud to lead in the Coffee, Consumer Foods, Dog Snacks and Cat Food categories by offering brands consumers trust for themselves and their families each day including *Folgers®*, *Dunkin'®*, *Café Bustelo®*, *Jif®*, *Smucker's® Uncrustables®*, *Smucker's®*, *Milk-Bone®* and *Meow Mix®*. Through our unwavering commitment to producing the highest quality products, operating responsibly and ethically and delivering on our Purpose, we will continue to grow our business and the positive impact we have on society. For more information, please visit jmsmucker.com.

The J.M. Smucker Co. is the owner of all trademarks referenced herein, except for *Rachael Ray®*, a registered trademark of Ray Marks II LLC, which is used under license, and *Dunkin'*<sup>®</sup> which is a trademark of DD IP Holder LLC. The *Dunkin'*<sup>®</sup> brand is licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels such as grocery stores, mass merchandisers, club stores, e-commerce and drug stores. This information does not pertain to products for sale in *Dunkin'*<sup>®</sup> restaurants.

**Contacts:** 

<u>The J.M. Smucker Co.:</u> (330) 682-3000

<u>Investors</u>: Aaron Broholm, Vice President, Investor Relations – <u>aaron.broholm@jmsmucker.com</u> 

<u>Media</u>: Abbey Linville, Vice President, Corporate Communications – <u>abbey.linville@jmsmucker.com</u>

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