P&G OKs Jif Peanut Butter Deal
Nov. 21, 2000
CINCINNATI (AP) _ Procter & Gamble Co. has reached a deal with Portion Pac Inc. to package and distribute individual portion sizes of Jif and Jif Smooth Sensations peanut butters for wholesale food service customers.
P&G serves food service customers but is not focused on the portion-control business, management said Tuesday in announcing the deal. Terms were not disclosed.
Portion Pac distributes single-serving condiments, jams, jellies and sauces, including the Welch's, Mrs. Butterworth's syrup and French's mustard brands. The company is a subsidiary of Pittsburgh-based H.J. Heinz Co., and is headquartered in Mason, 20 miles north of Cincinnati.
Portion Pac operates factories in Atlanta; Chatsworth, Calif., Dallas, and Jacksonville, Fla.
P&G's best-known brands include Tide detergent, Crest toothpaste, Pampers disposable diapers and Pringles snack chips.
Shares of Procter & Gamble were off 88 cents at $74.06 at the end of regular trading Tuesday on the New York Stock Exchange, where Heinz shares were up $1.06 to $45.37.