Unlike Target Stores, retail behemoth Wal-Mart is not backing down on efforts to grow market share north of the border. Walmart Canada will open 11 new supercenters this month as its fiscal 2015 comes to an end Jan. 31.

These completed real estate projects bring Walmart Canada's total store count to 394 stores, including 280 supercenters and 114 discount stores.

These stores are part of the 35 supercenter projects this year. The projects include building new stores and expanding, remodeling or relocating existing stores. Including investments in its distribution network and e-commerce, the projects represent an investment of more than $500 million in the Canadian economy.

Walmart Canada said it serves more than one million customers each day through its 394 stores. Walmart Canada’s online business is visited by 400,000 Canadians daily.

Wal-Mart has settled a civil suit with the family of James McNair, the comedian killed last year in an auto fatality involving a Walmart truck. McNair, 62, was traveling with comedian Tracy Morgan who was also seriously injured in the crash that took place in New Jersey.

Brooke Buchanan, media spokeswomen for Wal-Mart Stores, confirmed the settlement in a phone interview Thursday (Jan. 22).

“We know there is nothing we can do to change what happened to Mr. McNair, but Walmart and his family have worked closely together to reach an agreement. Walmart will continue to work to conclude all of the remaining issues and we’re committed to doing what’s right,” Buchanan said.

She added that the terms of the settlement were sealed by the court. Daryl Zaslow, attorney for the McNair family, said the retail giant admitted no liability in the accident.

Truck driver Kevin Roper has pleaded not guilty to charges of vehicular homicide and assault-by-auto. Federal investigators found that Roper was driving 20 miles per hour more than the speed limit just before the crash. Wal-Mart has said the passengers were not wearing seatbelts at the time of the crash.

Buchanan told The City Wire that Roper remains employed with the Wal-Mart but is on administrative leave and not allowed to drive pending the outcome of the investigation.

This settlement was the first resolution in the ongoing investigation. In July, Morgan and three others sued Wal-Mart in federal court alleging the retailer was negligent in connection to the crash.

Wal-Mart said in July that it was committed to doing the right thing for all involved in the tragedy.

“We are deeply sorry that one of our trucks was involved ... we’re cooperating fully in the ongoing investigation. We know it will take some time to resolve all of the remaining issues as a result of the accident,” the retailer said.

Family Dollar shareholders approved the $8.5 billion deal to be acquired by Dollar Tree with 74% of the votes cast in favor of the merger on Thursday (Jan. 22). Shareholders passed on the hostile $9.1 billion all-cash offer by Dollar General amid regulatory concerns.

Dollar Tree recently threatened to walk away after Family Dollar shareholders twice postponed voting to approve the deal.

“Today was the drop dead day. Shareholders got nervous," Edward Jones analyst Brian Yarbrough said.

Family Dollar CEO Howard Levine noted that the Dollar Tree deal was the right one for shareholders because it has a better chance of gaining regulatory approval than the higher Dollar General bid. Levine said he expects the Federal Trade Commission to approve the deal by the end of March.

Dollar General CEO Rick Dreiling called the vote a loss for consumers and Family Dollar shareholders.

Family Dollar shares (NYSE: FDO) rose 1.18% after Thursday’s vote. Shares closed at $76.44, up 89 cents. Share rose as high as $80.97 in recent months during the bidding war between its two suitors.

American Express has filed suit against former Arvest bank president H. Dennis Smiley for unpaid credit card accounts totaling $65,025.41.

The complaint was filed in Benton County Circuit Court Jan. 7 and amended Jan. 13. The filings state that Smiley opened the $50,000 credit line 1989. The Platinum card fell in arrears last year after Smiley lost his job at Arvest Bank. The default interest rate charged to Smiley was 27.24%, according to the filing.

The final statement sent to Smiley Sept. 9, 2014 indicated a minimum payment due of $32,638.18 on the balance of $65,025.41. After repeated demands for payment, American Express asked the court for judgment against Smiley for the full $65,025.41 owed, as well as court costs.

Signature Bank and First State Bank of DeQueen also recently obtained judgments against Smiley for $198,628 and $666,077 respectively, for the money owed by the former banker. Signature and First State Bank DeQueen were the only two banks of 20 involved in the loan scheme involving Smiley’s Arvest stock. Arvest Bank settled out of court with the 18 other banks. Several civil trials are set later this year in Benton County involving Smiley’s alleged loan fraud.

No criminal charges have been filed against Smiley, whose father is chairman of First State Bank.

A longtime lawman Rogers Police Chief James Allen died Thursday morning (Jan 22) following a long cancer battle.

Allen began chief of police in Rogers in 2011 after spending 22 years in the Bentonville Police Force. He also served with the Pulaski County Sheriff’s office as well as the Alcoholic Beverage Control.

“Chief Allen was one of the most respected law officers in the State of Arkansas. This is a difficult loss for our police department and the community. Our thoughts and prayers are with Chief Allen's family,” notes Mayor Greg Hines’ post on the city’s website.

Hines has ordered all city flags to be flown at half-staff until Wednesday, Jan. 28.

Hayes Minor, captain of the Rogers police force, noted in the release that Allen’s passing will be felt for the region and state because of all the lives he touched during his tenured law enforcement career.

"He will be missed immensely," Minor said.

Attorney General Leslie Rutledge saw Chief James Allen as an officer that “never wavered, despite a yearlong battle with cancer, from his oath to keep the citizens of Rogers safe from harm."

“I am saddened by the loss ... My thoughts and prayers go out to the entire law enforcement communities of Bentonville, Rogers and the greater Northwest Arkansas region, as well as Chief Allen’s family and friends,” Rutledge said.

Funeral services will take place in Rogers, though a date has not yet been determined. Rogers Police say Chief Allen will be laid to rest in the Bentonville Cemetery.

Dollar General will hold the grand opening of a new store at 1701 Grand Ave. in Fort Smith on Saturday, Jan. 31, beginning at 8 a.m. The Goodlettsville, Tenn.,-based retailer will hand out $10 gift cards to the first 50 adult shoppers to visit the store.

 “Dollar General is committed to delivering a pleasant shopping experience that includes a convenient location, a wide assortment of merchandise and great prices on quality products,” said Dan Nieser, Dollar General’s senior vice president of real estate and store development.  “We hope our Fort Smith customers will continue to enjoy shopping at Dollar General’s new location.”

This new layout features coolers in the front of the store along with expanded “fresh” offerings, according to the release.

Dr. Solangel Pollock has joined Dr. Trevor Hodge at  Sparks Fort Smith Internal Medicine located at 708 Lexington.

Both physicians are accepting new patients. The clinic offers general medical care for adult men and women including routine exams, diabetes management, and hypertension management, treatment of skin conditions and management of chronic diseases.

Pollock’s practice was previously located at 4700 Kelley Highway. She joined Sparks in March 2014 after working in an urgent care facility in Miami.

Pollock became Internal Medicine Board Certified in 2007. Before that she fulfilled her residency at Jamaica Hospital Medical Center in Queens, N.Y., which is considered one of the most intense programs in the nation with 72-hour “on-call” duties including trauma and burn patients.

Pollock grew up in a small town in Cuba where her mother was a nurse and was inspired to provide medical care for others. From 1996-1999, Pollock was the ultimate “town Doctor,” treating much of the population of Villa Clara, Cuba. She is fluent in Spanish and English.

Pollock became an American citizen in 2004. Her husband is a retired military physician from Arkansas who served twice in Iraq.

Crystal Bridges Museum of American Art announces several key appointments to the advancement division for the museum relations team.

Ana Aguayo was hired as membership program manager at the museum and will begin on Jan. 26. Aguayo has served as the external affairs liaison in Governor Mike Beebe’s office with a focus on Hispanic outreach. She also worked for the Northwest Arkansas Workers’ Justice Center in a variety of roles including development, communication, and as interim executive director. 

Emily Ironside, former membership program manager, was promoted to development officer and will also oversee the museum’s membership program. Ironside joined Crystal Bridges on August 2013 as the membership program manager, where she managed operations of the membership programs including retention and acquisition campaigns. Prior to Crystal Bridges, Ironside was the annual giving manager for Walton Arts Center and worked at the University of Arkansas and Walmart.   
 
Hannah Nestor also joined the membership team on Jan. 5 as membership program assistant. In this new position, Nestor will aid in managing the membership program. Nestor has been working at the museum as a guest services associate since June 2014. She comes to the membership role with experiences in retail, business, and community development. 

“I am delighted to have these (three) talented professionals (Ana Aguayo, Emily Ironside and Hannah Nestor) on our advancement team. Their passion for the arts and people will propel our initiatives to further connect members, sponsors, and donors to the museum’s mission,” said Jill Wagar, Crystal Bridges Director of Advancement.
 

Cereal maker Post announced plans to acquire MOM Brands for $1.5 billion. MOM Brands includes Malt-O-Meal, Golden Puffs, Cinnamon Toasters and other ready-to-eat brands.

This deal will make Post the third largest manufacturer of ready-to-eat cereals in the United States with a combined dollar share of the market of approximately 18%, according to the company.

“For Post, this is the right move, at the right price, in the right category,” said Rob Vitale, president and CEO of Post. “After a century of spirited rivalry between MOM Brands and Post, we now look forward to combining our strengths.”

After the deal closes MOM Brands chairman and CEO. Chris Neugent will continue to lead the MOM Brands business as president, reporting to Richard K. Koulouris, who is joining Post Holdings Feb. 9 to lead the combined Post Foods and MOM Brands cereal business.

“By joining forces with Post, we will have more resources available to innovate, extend our brands and expand distribution,” Neugent said. “We believe that this new, combined enterprise will be uniquely positioned to help our customers find new solutions in the highly competitive cereal category. In addition, it will give us the opportunity to pursue our mission of saving families money on an even greater scale.”

For the fiscal year ended Dec. 27, Post management estimated MOM Brands had an adjusted net earnings of between $119 million and $121 million. With the combination of the two companies, Post management further estimated the company will realize approximately $50 million in cost synergies by the third full fiscal year following the transaction.

Under the terms of the agreement, Post will pay $1.05 billion in cash and issue the current owners of MOM Brands approximately 2.45 million share of Post common stock. The company said that concurrent with the signing of the agreement with MOM Brands, Post obtained financing commitments under which several lenders have committed to provide up to $700 million under a secured term loan facility.

Post and MOM Brands each have sales office in Northwest Arkansas that call on Wal-Mart Stores Inc.

Gov. Asa Hutchinson today announced on Monday (Jan. 26) the following appointments to boards and commissions: 


William “Dubs” Byers, Gould, to the Board of Corrections. Appointment expires Dec. 31, 2021. Replaces Janis Walmsley.

Fritz Kronberger, Russellville, to the Arkansas Tech University Board of Trustees. Appointment expires Jan. 14, 2020. Replaces Tom Kennedy.
 
Ken Shollmier, Little Rock, to the Arkansas Economic Development Commission. Appointment expires Jan. 14, 2019. Replaces Eddie Drilling.
 
Steve Smith, Springdale, to the Alcoholic Beverage Control Board. Appointment expires Jan. 14, 2021. Replaces Jeff Mitchell.
 
Shayla Copas, Little Rock, to the Arkansas Governor’s Mansion Commission. Appointment expires at the Will of the Governor. Replaces Richard Levi.

Tyson Foods announced a $110 million expansion to its Vienna, Ga., chicken plant that will add more than 500 jobs by mid-year.

This move is the third Tyson investment in recent weeks to shift some of its food service production into the fresh chicken business that is sold in tray packs at retailers such as Wal-Mart, Sam’s Club and Harp’s. The company is in the process of also expanding its chicken plant in Rogers. No local jobs with that expansion have yet been announced.

“The existing infrastructure, location and the availability of workers make the Vienna plant ideal for this expansion project,” said Noel White, president of poultry for Tyson Foods. “This project will improve the plant’s product mix and make it even more cost competitive.”

The project will upgrade parts of the plant and add about 100,000 square feet. Improvements will include new equipment and production lines, as well as processes and technology designed to benefit food safety, quality and workplace safety.

Tyson said it purchased the Vienna plant in 1995 and it now employs about 700 people with an annual payroll exceeding $15.6 million.

NorthWest Arkansas Community College enrolled more than 7,300 credit students for the spring 2015 semester, NWACC officials announced today, but the number was down 3.2% or 238 students from the same period last year. The college had an unofficial preliminary count of 7,308 enrolled on Tuesday (Jan. 27), the 11th day of classes for the spring semester.

The college’s unofficial fall 2014 enrollment was 8,164, which represented an increase of about 0.7% compared to fall 2013 enrollment.

Steven Hinds, executive director of public relations and marketing, said the slight decrease in total enrollment was in line with projections that college leaders made when calculating the 2014-15 budget. Leaders had budgeted for a 3% decline. Student Semester Credit Hours at NWACC were slightly below the projection. The total credit hours being taken this spring is 65,140, a 4.7% decrease from spring 2014’s 68,371 figure.

“We believe the enrollment shifts are, in part, a function of an improving economy,” Hinds said. “Traditionally, when there is an economic recession, more people enroll in two-year colleges to sharpen their job skills or to study for new careers. That meant a spike in enrollment during the recession years. As the economy improves, those individuals who might have chosen to take classes with us are able to return to the workforce or to move into a higher-paying job, and so community college enrollments decline.”

That said, two areas did register more students this year. The number of high school students enrolled concurrently in classes at the college increased almost 25%. There were 713 high school students enrolled in NWACC classes this spring compared with 572 students enrolled last spring. The Early College Experience Program began in 1995 with five high schools participating. Now, 19 high schools participate.

NWACC also has benefited from being an approved digital learning provider by the Arkansas Department of Education. Under the terms of Act 1280 of 2013, all public school districts and public charter schools shall provide at least one digital learning course to their students.

“We’re pleased to be able to be a partner in preparing students for a world that increasingly relies on technology in the workplace and in the learning environment,” Johnson said.

Enrollment in Distance Learning (online) courses also showed strong growth. The total number of students enrolled in Distance Learning classes is 2,960 in the spring 2015 semester, up from 2,873 students in spring 2014.

NWACC said it continues to place increased emphasis on student retention. This spring, NWACC had 5,054 continuing students. The unofficial fall-to-spring retention rate appears to be 68.9% , up from 67.8%  for fall 2013 to spring 2014.

It’s time to start the new year at Wal-Mart Stores and that typically signals the end of road for some corporate employees. The retail giant eliminated about 50 positions at its corporate headquarters in Bentonville on Wednesday (Jan. 28), according to a corporate spokesman. (The 75 pink slips formerly stated by The City Wire and other media sources was higher than the actual number.)

"February is the start of Walmart’s fiscal year, and it’s common for individual departments at the home office to make adjustments at this time of year to better support their and the company’s goals for the upcoming year. As part of these changes, a small number of departments did eliminate some positions. These decisions are never easy, and we are committed to doing the right thing for those affected. We believe these changes will help the company quickly adapt to meet the changing needs of our customers," Wal-Mart noted in the corporate statement.



Wal-Mart is one of the largest corporate employers in the state with an estimated 12,000 employees at its headquarters. The pink slips issued this week pale in comparison to the 2,300 issued by Sam’s Club last year as it streamlined it management teams and the 300 corporate layoffs Wal-Mart reported in 2011.
 

The retail giant said workers were told some time back their jobs were being eliminated and those affected are encouraged to apply for open positions within the company.

American Resort Management, the Erie, Pa.-based company set to operate the Parrot Island Waterpark at Ben Geren Regional Park, announced Thursday (Jan. 29) that more than 1,000 votes were received in the contest to name features of the waterpark.

The $10.9 million facility – located in Ben Geren Regional Park – will include three bodies of water, a 500 foot lazy river and four water slides for a total footprint of more than 20,000 square feet. It is on track for a Memorial Day 2015 opening, and should be a larger facility than those recently opened in Rogers and Clarksville, Ark.

The naming contest for the features was open to residents of Fort Smith and Sebastian County in order to name the seven different slides and attractions. The name of the park was not open for public input.

Following are the winning names for the respective feature.
• Wave Pool: Caribbean Splash

• Children's Area: Tiny Turtle Island

• Lazy River: Crocodile Creek

• Yellow Slide: Pineapple Plunge

• Purple Slide: Pelican Plunge

• Orange Slide: Tangerine Twist

• Blue Slide: The Blue Macaw

The seven winners will receive a season pass to the park and a VIP prize package to include tickets for the winner and all immediate family members for the grand opening event at Parrot Island Waterpark. A second-chance drawing will be held for all entrants who were not chosen as a winning name. Three second chance winners will win a family pack of Waterpark day passes valid for all immediate family members.

According to the Thursday statement from American Resort, winners names will be made available on the Parrot Island website.

Gov. Asa Hutchinson has announced the following appointments to state boards and commissions, and to the judiciary.



David Nelson, Magnolia, to the Southern Arkansas University Board of Trustees. Appointment expires Jan, 14, 2020. Replaces James Freeman.



Jay Brain, Rogers, to the Arkansas Department of Aeronautics Commission. Appointment expires Nov. 9, 2019. Replaces Marion Burton.

Chris Weiser, Magnolia, reappointment to the Oil and Gas Commission. Appointment expires Feb. 20, 2021.
 
James Freeman, Texarkana, appointment to the Arkansas Economic Development Commission. Appointment expires Jan, 14, 2019. Replaces Stephen Edwards.
 
Stan Green, Fayetteville, appointment to Arkansas Development Finance Authority. Appointment expires Jan, 14, 2019. Replaces William Cone.
 
Sarah Capp, Ozark, Special Associate Justice to Arkansas Supreme Court. 

James Arnold II, Fort Smith, Special Associate Justice to Arkansas Supreme Court.
 
Warren Dupwe, Jonesboro, Special Associate Justice to Arkansas Supreme Court.

Steve Goode, Vilonia, Director of Arkansas Tobacco Control

The Fort Smith Juniors Volleyball Club (FSJ) is hosting its annual “Battle at the Fort” volleyball tournament during the next two upcoming weekends – Jan. 31 - Feb. 1, and Feb. 7-8 –  which will bring thousands of people to the Fort Smith area.

Age divisions 15-18 will play during the first weekend and ages 10-14 will play the second. Teams typically travel from Texas, Oklahoma, Kansas, Missouri, Tennessee, and of course within Arkansas to do “battle” on the volleyball court. It has grown to be the largest volleyball tournament in Arkansas and Oklahoma.

The Battle at the Fort tournament is open to the public and play begins at 8 a.m. each day.

“We will have 195 teams this year. Last year was our record year at 197. Our tournament has experienced tremendous growth the last 5 to 10 years and we may finally be reaching our high end number,” Club Director Greg Hale said in a statement. “When it first started nearly 15 years ago we utilized a few courts from the school system during one weekend. Today the tournament is spread out over two weekends and the club rents and places nine temporary sport courts in the Fort Smith Convention Center for two back to back weekends.”

The tournament has a substantial economic impact on the area as well, according to club officials. Of the teams competing approximately 90% of those are from far enough away that hotel stays are required.

Each team consists of 9 or 10 players on average and each player brings parents and siblings. So an elementary calculation means there are more than 6,000 out-of-town people eating meals and needing a place to sleep during the weekend tournament.

“That translates into a huge influx of dollars into the local economy, and during a time of year when the community doesn’t draw in a lot of travelers,” noted a club statement.

The Fort Smith Juniors Volleyball Club (FSJ) is a non-profit organization dedicated to giving youth athletes from all over the region, grades 4-12, the opportunity to learn, play, compete, and develop their skills at the game of volleyball. The club is made up of more than 20 teams that include more than 200 players from around the region and as far away as Mena, Booneville, Russellville, Fayetteville and Siloam Springs.

Chris Barton has joined Centennial Bank as market president in Rogers/Bentonville according to Scott Hancock, Northwest Arkansas Division President.

“Chris’s brings a strong network and financial background that will take our Rogers/Bentonville markets to the next level,” said Hancock. “Our customer and bankers will appreciate the strong leadership that he brings to our organization.”

Barton has more than 14 years of financial experience and most recently served as a vice president of commercial lending. 

He holds a bachelor’s degree in marketing from the University of Arkansas. Barton is also a graduate of the Commercial Lending School at Southern Methodist University and will complete the Graduate School of Banking at Louisiana State University in June 2015.

Barton is a Community Leadership Council member for the Single Parent Scholarship Fund of Northwest Arkansas, a non-profit organization that provides financial assistance to low-income single parents pursuing  career-related education.

He and his wife, Courtney, have two children, Bishop, 6, and Whit, 4. 

Barton will be located in Centennial Bank’s 4000 West Walnut Street banking center in Rogers.

Retail consolidation continues in 2015 as office supplier Office Depot announces a $6.5  billion deal offered by competitor Staples. The companies have been in consolidation talks since September.


Under the terms of the agreement, Office Depot shareholders will receive $7.25 in cash and 0.2188 of a share in Staples stock for each share they own of Office Depot. Based on Staples closing share price on Feb. 2, the last trading day prior to initial media speculation around a possible transaction, the transaction values Office Depot at $11.00 per share.

This represents a premium of 44% over the closing price of Office Depot shares as of Feb. 2, and a premium of 65% over the 90-day average closing price of Office Depot shares as of Feb. 2.

The agreement has been unanimously approved by each company’s Board of Directors. With the acquisition of Office Depot, Staples will have pro forma annual sales of approximately $39 billion.

“This is a transformational acquisition which enables Staples to provide more value to customers, and more effectively compete in a rapidly evolving competitive environment,” said Ron Sargent, Staples’ chairman and CEO “We expect to recognize at least $1 billion of synergies as we aggressively reduce global expenses and optimize our retail footprint. These savings will dramatically accelerate our strategic reinvention which is focused on driving growth in our delivery businesses and in categories beyond office supplies.”

The deal synergies will consist primarily from headcount reductions and lower general and adminstrative costs as well as gained efficiencies in purchasing, marketing, supply chain and best shared practices.

Store closures are expected in Northwest Arkansas and Fort Smith. There are three Office Depot stores in Northwest Arkansas and one Staples location. In Rogers the two stores are across the street from one another, which is fairly common for these two fierce competitors. In Fort Smith both retailers have stores on Rogers Avenue in close proximity to one another.

“This transaction delivers great value for our shareholders and creates a company ideally positioned to serve our customers and grow over the long term,” said Roland Smith, chairman and chief executive officer for Office Depot, Inc. “We look forward to bringing our experience and knowledge to the new organization.”

Following the closing of the transaction, Staples’ newly constituted board of directors will increase in size from 11 members to 13 members and include two Office Depot directors approved by Staples. Staples’ corporate headquarters will remain in Framingham, Mass. and Sargent will continue to serve as Staples’ Chairman and CEO.

Staples said it will pay for the deal with financing provided by Barclays and Bank of America Merrill Lynch for  $3 billion credit line and $2.75 billion in a 6-year term loan.

The transaction is subject to customary closing conditions, including antitrust regulatory approval and Office Depot shareholder approval, and is expected to close by the end of calendar year 2015.

Industry analysts don’t think this is a slam dunk given that Office Depot already acquired Office Max in 2013 and this deal further consolidates the third large competitor into one entity.

One ray of hope is that the FTC noted back in 2013 that Wal-Mart, Sam’s Club, Amazon and Target are all competitors in the office supply category.

Dollar Tree Inc. told the media Tuesday (Feb. 3) that the Federal Trade Commission is reviewing more than 500 stores as it scrutinizes the discount retailer's plan to acquire larger rival Family Dollar Stores Inc.

The retailer had previously indicated that it expected the FTC to require the divestiture of no more than about 300 stores, a key factor in the decision of Family Dollar shareholders to vote for Dollar Tree's bid instead of a higher offer from market leader Dollar General Corp.

Jelly giant J.M. Smucker has made a huge leap toward diversification in a $5.8 billion deal to buy Big Heart Pet Brands, the maker of MeowMix, Milk Bone, Milos Kitchen and several other pet food brands.

The 118-year old Smuckers is known for its Jif Peanut Butter, Smucker’s jelly’s and Folger’s coffee but this deal will also put it atop the pet food world.

“Our company is about more than making and marketing products,” CEO Richard Smucker said during a Feb. 3 conference call with analysts to discuss the transaction.

“At Smucker’s, our purpose is helping to bring families together to share memorable meals and moments, and we recognize that pets are cherished members of the family with approximately two-thirds of U.S. households having at least one family pet. This acquisition further supports our purpose as it enables us to now serve the mealtime and snacking needs of the whole family,” Smucker added.

He told analyst the deal was strategic in that it fits with Smuckers strategy to offer center-of-the-store brands.

“Second, the acquisition provides greater scale and strategic balance to the Smucker’s portfolio as the pet food business will become the third platform for growth along with our existing food and beverage businesses. And, third, the transaction is financially compelling. It increases Smucker’s annual net sales to approximately $8 billion while enabling us to capitalize on the growth of the pet food and pet snack category,” Smucker said.

J.M. Smucker estimates Big Heart Pet Brands’ net sales will be approximately $2.3 billion and adjusted earnings before interest, taxes, depreciation, and amortization will be approximately $450 million for Big Heart Pet Brands’ fiscal year ending May 3, 2015.

Under the terms of the agreement, J.M. Smucker will acquire all of the outstanding equity of Big Heart Pet Brands. The company will issue approximately 17.9 million shares of its common stock to the shareholders of Big Heart Pet Brands’ holding company and pay $1.3 billion in cash, subject to adjustment for working capital and certain other amounts. The company also will assume approximately $2.6 billion of net debt of Big Heart Pet Brands, which will be refinanced by the company upon closing.

The transaction includes leased corporate facilities in San Francisco and Burbank, Calif.; and Pittsburgh; and owned or leased manufacturing facilities in Decatur, Ala.; Topeka and Lawrence, Kas.; Buffalo, N.Y.; and Bloomsburg, Pa.; as well as several research and development facilities, sales offices and distribution centers.

The transaction is expected to close by April 30.  J.M. Smucker expects to incur approximately $225 million in one-time costs related to the transaction, of which approximately $150 million are expected to be cash charges. One-time costs are anticipated to be incurred primarily over the next three fiscal years, with approximately one-half of the costs expected to be recognized in fiscal 2016.

J.M. Smucker and Big Heart Pet Foods are both suppliers to Wal-Mart Stores with separate sales offices in Northwest Arkansas.