A new issue of J.M. Smucker Co. stock began trading Monday, with the shares outstanding doubled and Procter & Gamble Co.'s Jif peanut butter and Crisco cooking products now part of Smucker.

        With the completion of the Jif and Crisco deal, Smucker's new common shares began trading on the New York Stock Exchange. The stock ticker symbol remains “SJM.” The stock was trading late-morning at $35.38, up $1.13, or 3.3 percent.

        With the completion of the transaction, Smucker now has 49.5 million shares outstanding. Its previous total was about 24.8 million.

        “Our core business has continued to perform strongly, with solid top and bottom line growth,” said Tim Smucker, chairman and co-chief executive. The company will report results for its fourth quarter and fiscal year 2002 on June 18.

        Jif and Crisco did not mesh with P&G's strategy of developing its consumer products brands, but fit into business plans for Smucker, a family-operated producer of jams and jellies. The deal closed Saturday.

        Mark Belgya, Smucker treasurer, said all shares are considered new. Smucker shareholders are receiving replacement shares and P&G shareholders are getting new Smucker shares.

        When the deal was first announced in October, Smucker's stock price was about $26 per share, and the value of the stock deal was placed at more than $1 billion.

        “Our strategy involves the marketing of No. 1 grocery brands as Smucker's is,” said Smucker spokesman Steven Ellcessor. “We are always interested in developing and acquiring brands that are leaders in their category. Jif is the leading peanut butter. Crisco is the leading shortening and oil.”

        Ellcessor said Smucker had been interested in acquiring Jif for 20 to 25 years.

        “It's sort of a natural fit with jam and jelly,” he said.

        P&G shareholders of record at the close of business last Wednesday will receive one share of new Smucker common stock for every 50 P&G shares they own. P&G shareholders with fewer than 50 shares will receive a cash payment in lieu of fractional shares.

        Smucker shareholders are to receive .9451 of a share of new Smucker common stock for every Smucker share they held at the end of trading last Friday.

        P&G and Smucker announced the deal in October. The Jif and Crisco brands will be spun off from P&G and merged into Smucker.

        The deal also includes the Jif and Crisco plants in Lexington, Ky., and Cincinnati. Smucker will absorb about 400 employees from P&G, including most employees of the two plants.

        Smucker, which is based in Orrville, Ohio, has said the deal eventually will almost triple its annual earnings and double annual sales to $1.3 billion.

        P&G, which has been getting rid of underperforming brands in recent years, markets more than 250 brands including Pampers diapers, Tide detergent, Pantene shampoo, Bounty paper towels and Crest toothpaste.

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