On November 7, 2023, the company completed the acquisition of Hostess Brands for $5.4 billion. This acquisition resulted in a new reportable segment, Sweet Baked Snacks, and contributed $637.3 million in net sales during 2024.

The company divested several businesses including Sahale Snacks, Canada condiment, and certain pet food brands. These divestitures reduced net sales by $1,565.5 million in 2024, but are intended to improve long-term strategic focus.

The company's strategic growth objectives include net sales increasing by a low single-digit percentage and adjusted operating income increasing by a mid-single-digit percentage on average over the long term.

During 2023, the company created a Transformation Office to support multi-year commitment to ongoing margin enhancement efforts, inclusive of the removal of stranded overhead costs associated with recent divestitures.

The company anticipates cost synergies of approximately $100.0 million from the Hostess Brands acquisition, which are expected to be achieved by the end of 2026. During 2024, the company achieved cost synergies of approximately $11.0 million.

The company acknowledges that broad-based supply chain disruptions and the impact of inflation remain uncertain and will continue to evaluate the nature and extent to which these factors will impact the business.

The company acknowledges that national and global macroeconomic conditions, such as inflation, rising interest rates, and recession risk, may adversely affect consumer spending and demand for products.

The company identifies difficulties in integrating the operations of Hostess Brands, including achieving cost savings, managing expanded operations, and retaining customers and personnel.

The company emphasizes the importance of its proprietary brands, packaging designs, and manufacturing methods, and notes that the inability to protect its intellectual property could harm the value of its brands and adversely affect sales and profitability.

The company is the branded market leader in coffee, dog snacks, peanut butter, frozen snacks and sandwiches, and fruit spreads categories in the U.S. It faces competition from other branded products as well as private label products.

The packaged foods industry has been challenged by a general long-term decline in sales volume in the center of the store due to evolving consumer trends such as heightened focus on health and wellness.

Sales to Walmart Inc. and subsidiaries amounted to 33 percent of net sales in 2024. A reduction in sales to one or more major customers could have a material adverse effect on the company's business.

The company created a Transformation Office to support multi-year commitment to ongoing margin enhancement efforts and ensure a pipeline of productivity initiatives and profit growth opportunities.

The company may not realize all of the anticipated cost savings or other benefits from its cost reduction initiatives due to various events and circumstances.

Certain products are produced at single manufacturing sites, including coffee, Milk-Bone dog snacks, Voortman cookies, and fruit spreads. A production disruption at these sites could reduce product availability.

Technology-based systems, which give consumers the ability to shop through e-commerce websites and mobile commerce applications, are also significantly altering the retail landscape and intensifying competition.

The company is committed to serving customers and consumers in e-commerce, transforming operations through digital technologies, and enhancing data analytics capabilities to develop new commercial insights.

The company relies on IT networks and systems and is regularly the target of attempted cyber and other security threats. Security breaches or system failures could disrupt operations and lead to financial damage or loss.

The company's cash deployment strategy is to balance reinvesting in the business through acquisitions and capital expenditures with returning cash to shareholders through dividends and share repurchases, with a significant focus on debt repayment.

The acquisition of Hostess Brands was partially funded through $5.0 billion in new debt and the issuance of approximately 4.0 million common shares.

Capital expenditures are primarily driven by investments in Smucker's Uncrustables frozen sandwiches to support the new manufacturing and distribution facilities in McCalla, Alabama, as well as plant maintenance across facilities.

The company was recognized in 2024 as one of the World's Most Ethical Companies by Ethisphere, reflecting its commitment to ethics and compliance.

The company is focused on improving diversity and inclusion through various initiatives, including establishing human resource positions focused on improving diversity and inclusion, specifically within talent acquisition, recruiting, and organization development.

The company has public goals related to waste diversion, water usage, energy usage, greenhouse gas emissions, and sustainable packaging and has implemented programs to support environmental sustainability.

The company expects a dynamic macroeconomic environment to persist into 2025, with elevated price elasticity of demand as consumers experience broader inflationary pressures.

The company acknowledges that geopolitical conflicts and potential shipping delays due to supply and demand imbalances, as well as labor shortages, could significantly disrupt operations.

There is an increased focus by regulatory and legislative bodies regarding environmental policies relating to climate change, regulating greenhouse gas emissions, energy policies, and sustainability, including single-use plastics.