Market News

E.D. Smith to Buy Seaforth Creamery

E.D. Smith Income Fund, maker of jams, jellies, marinades and other food products—both branded and private label—has agreed to purchase Seaforth Creamery Inc., of Seaforth, Ont., for $95.2 million. Privately owned, family-operated Seaforth Creamery is Canada\'s largest producer of private-label salad dressings with annual revenues of $106 million. Winona, Ont.-based E.D. Smith said Seaforth had a strong presence in the United States and that the acquisition would provide it with "significant" cross-selling opportunities in addition to further broadening its customer base, which will include the top four food retailers in the United States. The deal is expected to wrap up in mid May. Source: Canadian Grocer E-Newsletter, April 28, 2006.