BUSINESS
06/12/2008 05:12 am ET Updated May 25, 2011

Smucker Buys Folgers, Still Shopping

J.M. Smucker Co.'s $3 billion purchase of Folgers coffee, an acquisition that will double the 111-year-old jelly maker's size, won't be its last.

The maker of Smucker's jam and Jif peanut butter plans to buy the coffee unit from Procter & Gamble Co. later this year, the largest acquisition for the founder's great-grandsons and a move that will make it the biggest U.S. coffee company.

After the purchase, which Smuckers will pay for with 63 million shares after P&G splits or spins off the unit to shareholders, Smucker will have enough cash to keep buying, executives said on a conference call with analysts and investors.

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