The J. M. Smucker Co. said Nov. 6 it has completed the purchase of The Folgers Coffee Co. from its parent company Procter & Gamble for $3 billion.
Orrville, Ohio-based Smucker will also absorb $350 million of Folgers debt. The acquisition is expected to nearly double the size of Smucker and add the No. 1 selling ground coffee brand in the United States to its portfolio, according to news reports.
On Oct. 31 Smucker paid a special dividend of $5 per share to all Smucker shareholders of record at the close of business on Sept. 30.
Folgers' product line includes its original Folgers brand, Millstone and a license to manufacture and distribute Dunkin' Donuts coffee in the retail market.