J.M. Smucker Company reported on Tuesday it has acquired the Knott's Berry Farm from ConAgra Foods, Inc. for an undisclosed amount.
Knott's Berry Farms produces and markets high quality jams, jellies, preserves and gift boxes in the retail and foodservice channels. The transaction does not include the Knott's Berry Farm amusement park, according to a statement.
Knott's Berry Farm is a very good brand, but given our priorities, we simply could not give it the attention it needs to grow. This transaction makes solid business sense for us, said ConAgra Foods Chief Executive Officer Gary Rodkin in the statement.
The newly-acquired business is expected to add approximately $40 million in annual net sales for Smucker, and production will be transitioned to Smucker's manufacturing facilities during the next four months.
Shares of J.M. Smucker Company closed slightly up 0.19 percent to $51.48.
Shares of ConAgra Foods closed 0.65 percent up at $22.82 rising an extra 0.79 percent in after hours electronic trading to $23 on the New York Stock Exchange.