Smucker CEO Defends $5.6B Hostess Acquisition, Says Snack Brands Complement Each Other
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Mark Smucker, CEO of J.M. Smucker, discussed acquiring Hostess Brands with CNBC's Jim Cramer. He said the move expands Smucker's snack offerings.
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Smucker said the two brands complement each other well. He highlighted Uncrustables as aligning with Hostess's shelf-stable sweets.
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Smucker expects the $5.6 billion Hostess acquisition to close by January. Smucker will also take on $900 million of Hostess's debt.
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Smucker is not worried about waning consumer appetite for sweets amid health trends. He said people will always want to snack.
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Hostess has created single-serve portions that allow people to indulge in moderation, Smucker said.