NEW YORK, Oct. 30 /PRNewswire/ -- S&P MidCap 400 constituent J. M. Smucker Co. will replace Terex Corporation in the S&P 500, and Terex will replace Smucker in the S&P MidCap 400 after the close of trading on Wednesday, November 5. S&P 100 and 500 constituent Procter & Gamble Co. is merging its Folgers coffee business with Smucker in an exchange offer that is expected to expire on that date. As of today's close of trading, Terex's market capitalization was approximately $1.65 billion, whereas the minimum market cap a company currently needs for admission to the S&P 500 is $4.0 billion.
Standard & Poor's will monitor this transaction, and post any relevant updates on its website: http://www.standardandpoors.com/.
The J. M. Smucker Company manufactures and markets branded food products. Headquartered in Orrville, OH, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Packaged Foods & Meats Sub-Industry index.
Terex is a manufacturer of capital equipment. Headquartered in Westport, CT, the company will be added to the S&P MidCap 400 GICS Construction & Farm Machinery & Heavy Trucks Sub-Industry index.
Following is a summary of the changes: S&P 500 INDEX - November 5, 2008 COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED J.M. Smucker Consumer Staples Packaged Foods & Meats DELETED Terex Industrials Construction & Farm Machinery & Heavy Trucks S&P MIDCAP 400 INDEX - November 5, 2008 COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED Terex Industrials Construction & Farm Machinery & Heavy Trucks DELETED J.M. Smucker Consumer Staples Packaged Foods & Meats
Additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.
About Standard & Poor's Index Services
Standard & Poor's Index Services, the world's leading index provider, maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Its family of indices includes the S&P 500, an index with $1.5 trillion invested and $4.85 trillion benchmarked, and the S&P Global 1200, a composite index comprised of seven regional and country headline indices. For more information, please visit http://www.standardandpoors.com/indices.
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies , is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 23 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com/.
