- Oops!Something went wrong.Please try again later.
By Dhirendra Tripathi
Investing.com – J M Smucker (SA:S1JM34) shares rose nearly 4% in Thursday’s trade following an announcement it had tied up with JDE Peet to boost its sales of coffee beverages to people on the go, a segment that came under pressure during the pandemic.
J. M. Smucker owns the Folgers and Dunkin' brands. JDE Peet has stand-alone coffee retail outlets but also counts hospitals, hotels and universities as its key service areas. These places attract large number of people but suffered because of social distancing norms during the pandemic.
JDE Peet is expected to bring its expertise in product development, production and foodservice equipment innovation to the collaboration. In the same filing, J.M. Smucker said it plans to close and pursue a sale of its Suffolk, Virginia, production facility in the spring of calendar year 2022.