J.M. Smucker to invest $1.1 billion on new Alabama facility, creating 750 jobs

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J.M. Smucker Co. SJM, -1.22% said Thursday it is investing $1.1 billion to build a new manufacturing and distribution facility in McCalla, Alabama to produce its “Uncrustables” frozen handheld sandwiches. Construction of the facility, which is expected to create up to 750 jobs, will begin no later than January 2022, and production beginning in 2025. The consumer foods company, which brands include Smuckers, Jif, Folgers and Milk-Bone, said the investment comes as its frozen handheld sandwich has seen double-digit percentage sales growth annually over the past decade to reach $500 million a year. The stock, which slumped 2.0% in morning trading, has gained 8.4% year to date, while the SPDR Consumer Staples Select Sector ETF XLP, -0.36% has tacked on 6.8% and the S&P 500 SPX, -0.14% has advanced 24.9%.

This article was originally published by Marketwatch.com. Read the original article here.

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