Smucker cuts packaged coffee prices
Michael Chen
Senior Web Developer
J. M. Smucker Co, the maker of Jif peanut butter and Folgers coffee, said it cut prices of packaged coffee products in the United States following a decline in green coffee costs.
The company has reduced prices by 6 percent on average on products sold under the Folgers, Dunkin' Donuts, Millstone and Cafe Bustelo brands.
Smucker had been raising prices for the last few quarters to combat rising costs of raw materials like coffee and peanut butter. Higher prices were partly to blame for a 10 percent drop in overall sales volumes during the third quarter.
Shares of the company closed at $77.06 on Monday on the New York Stock Exchange.
Source: af.reuters.com/article/commoditiesNews/idAFL4E8GF6FP20120515
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