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Exhibit 99.1
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FOR IMMEDIATE RELEASE August 28, 2000
The J. M. Smucker Company
Strawberry Lane, Orrville, Ohio 44667
(330) 682-3000
Contact: Steven J. Ellcessor, Vice President-
Finance and Administration, and
General Counsel
J.M. Smucker Completes Share Combination;
New SJM Shares to Begin Trading Tomorrow
ORRVILLE, Ohio, August 28, 2000--The J.M. Smucker Company (NYSE: SJM.A and
SJM.B) announced today that the legal filings necessary to combine its Class A
and Class B shares into a new class of common have been completed. The
transaction was approved by the shareholders of the Company at its annual
meeting on August 15.
The Company's new common shares will begin trading on the New York Stock
Exchange under the symbol "SJM" when the market opens tomorrow, August 29. Class
A and Class B stock certificates will automatically convert into the new common
shares and will not need to be exchanged by shareholders.
Also, with the completion of the Class A and Class B combination, the Company
will proceed with the repurchase of approximately 4.3 million shares that were
tendered to the Company at $18.50 per share as part of the transaction. After
the repurchase, the Company will have 24,063,281 shares outstanding. The
aggregate amount of the repurchase will be just over $79 million. The Company
placed an additional $60 million in senior debt to help finance the repurchase.
"We have created a new simplified capital structure with a single class of
common shares," said Tim Smucker, Chairman of The J. M. Smucker Company. "The
stock should now be more liquid and easier to trade, with higher earnings per
share and a higher return on shareholder equity."
The J.M. Smucker Company (www.smucker.com) was founded in 1897 when the
Company's namesake and founder sold his first product--apple butter--from the
back of a horse-drawn wagon. Today, over a century later, the Company is the
market leader in fruit spreads, ice cream toppings, health and natural foods
beverages, and natural peanut butter in North America. The Company has over 2000
employees worldwide and distributes products in more than 60 countries.
This release contains forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially, including
uncertainties relating to the Company's operating performance, other factors
affecting share prices, and factors affecting capital markets generally.
