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.
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.
To view the indices please visit Standard & Poor’s web-site.
D.C.