Smucker to buy Rachael Ray dog food brand in $1.9 billion deal
J.M. Smucker Co. agreed to buy Ainsworth Pet Nutrition in a deal valued at $1.9 billion, betting that pet food can help reinvigorate sales in a sluggish consumer-product industry. The transaction, which gives Smucker a brand of premium dog and cat food backed by celebrity chef Rachael Ray, will amount to about $1.7 billion when excluding a $200 million tax benefit.
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