[4 April/CNBC]

J.M. Smucker will acquire pet food and pet snacks maker Ainsworth Pet Nutrition for around $1.7 billion. This will strengthen its pet food portfolio in the fast growing pet food market. They also planned to explore options for its U.S. baking business which includes Pillsbury and Martha White. The baking business was expected to generate sales of around $370 million this year. J.M. Smucker noted that the pet food and pet snacks market generates over $30 billion in retail sales in the U.S. It expected cost synergies of $55 million within three years and net sales of $800 million in its first year following the deal. Its shares were up 1.6 percent.