LANDS HO
Sears, Roebuck and Co., Hoffman Estates, IL, has taken on new life as an apparel retailer with the $1.9 billion acquisition of Dodgeville, WI-based cataloger Lands' End. Sears will begin offering a limited number of Lands' End products in 870 stores this fall, and anticipates a full product rollout by late 2003. Lands' End will continue to sell through its catalogs and Web site; ceo David Dyer will add responsibility for Sears catalogs and sears.com.
OUT OF A JAM
J.M. Smucker, Orrville, OH, completed its purchase of Cincinnati-based Procter & Gamble's Jif peanut butter and Crisco oil businesses in an all-stock transaction worth approximately $1 billion. Originally announced last fall (December 2001 PROMO), the deal will swell Smucker's annual revenues to $1.3 billion and enhance the company's power in grocery aisles.
HAIR TODAY, GONE TOMORROW
Seven months after completing its $5 billion acquisition of Stamford, CT-based Clairol from Bristol-Myers Squibb Co., Procter & Gamble said it will entertain offers for facial cleanser Sea Breeze, talcum powder Ammens, and hair care products Condition 3-in-1 and Vitapointe. P&G says it will keep the brands if no suitable bid is offered.
ROLLING IN THE DOUGH
Pork producer Smithfield Foods, Smithfield, VA, acquired an 80-percent interest in pizza maker Stefano Foods, Charlotte, NC. The operation, which has annual sales of $22 million, will become part of a new subsidiary called Smithfield Deli Group. Smithfield is also in talks to acquire the meat operations of Farmland Industries, Kansas City, MO.
MEAT TREAT
Investment firm Hicks, Muse, Tate & Furst, agreed to lead a majority acquisition of the meatpacking business of ConAgra Foods for $950 million. ConAgra, Omaha, NE, will continue using the operation as supplier for its pork-based products.
