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07-06-2022, 09:55 PM
J.M. Smucker to take $125 million hit from Jif peanut butter recall
Reporting by Deborah Sophia in Bengaluru; Editing by Devika Syamnath
June 7, 2022 6:54 PM GMT+7
June 7 (Reuters) - J.M. Smucker Co (SJM.N) on Tuesday warned of a $125 million hit in the full year from the recall of certain Jif peanut butter products following possible salmonella contamination.
The recall would also have a 90 cent impact on the Folgers coffee maker's profit, the Ohio-based company said, sending its shares down 3% in premarket trading.
Late in May, J.M. Smucker said it was recalling nearly 50 types of Jif peanut butter products sold in the United States after a Food and Drug Administration investigation into a multistate outbreak of Salmonella Senftenberg infections.
Manufacturing downtime, customer returns and unsaleable inventory resulting from the recall are expected to result in the $125 million hit in fiscal 2023.
More details in https://www.reuters.com/markets/financia...022-06-07/
Reporting by Deborah Sophia in Bengaluru; Editing by Devika Syamnath
June 7, 2022 6:54 PM GMT+7
June 7 (Reuters) - J.M. Smucker Co (SJM.N) on Tuesday warned of a $125 million hit in the full year from the recall of certain Jif peanut butter products following possible salmonella contamination.
The recall would also have a 90 cent impact on the Folgers coffee maker's profit, the Ohio-based company said, sending its shares down 3% in premarket trading.
Late in May, J.M. Smucker said it was recalling nearly 50 types of Jif peanut butter products sold in the United States after a Food and Drug Administration investigation into a multistate outbreak of Salmonella Senftenberg infections.
Manufacturing downtime, customer returns and unsaleable inventory resulting from the recall are expected to result in the $125 million hit in fiscal 2023.
More details in https://www.reuters.com/markets/financia...022-06-07/
Specuvestor: Asset - Business - Structure.