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JM Smucker to Acquire Ainsworth for $1.7B

JM Smucker to Acquire Ainsworth for $1.7B

J.M. Smucker Co. (SJM) is planning to buy Ainsworth Pet Nutrition LLC for $1.7 billion, making it the latest food maker to increase its focus on pets. Smucker, which makes household brands like Jif peanut butter and Folgers coffee, said it is also selling its U.S. baking business with brands like Hungry Jack and Pillsbury. Food makers are increasingly trying to tap the trend of pet owners spending more on pet-food.