<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>l94658aexv99w1.txt
<DESCRIPTION>EX-99.1
<TEXT>
<PAGE>
                                                                   EXHIBIT 99.1

            J. M. SMUCKER AND PROCTER & GAMBLE ANNOUNCE CLOSING DATE
                          FOR JIF & CRISCO TRANSACTION

Orrville and Cincinnati, Ohio, May 20, 2002. The J.M. Smucker Company (NYSE:
SJM) and The Procter & Gamble Company (NYSE: PG) announced today that they
expect to complete the merger of the Jif peanut butter and Crisco shortening and
oils businesses into Smucker in an all-stock transaction on June 1, 2002.
Procter & Gamble has received from the Internal Revenue Service a private letter
ruling with respect to the tax effects of the deal, which means that the
transaction announced last October by Smucker and Procter & Gamble may proceed.

Prior to completion, the Jif and Crisco brands and their associated assets will
be spun off from Procter & Gamble and then immediately merged into Smucker.
Procter & Gamble shareholders of record at the close of business on May 29, 2002
will receive one share of new Smucker common for every 50 shares they then hold
in Procter & Gamble. Procter & Gamble shareholders with fewer than 50 shares
will receive a cash payment in lieu of fractional shares.

Smucker shareholders will receive an estimated .9447 of a share of new Smucker
common for every current share they hold in Smucker at the end of trading on May
31, 2002, the day before closing. The exact exchange ratio for Smucker
shareholders will be determined at closing based on the number of Smucker common
shares outstanding at closing and the number of P&G common shares outstanding on
the record date. No cash payments will be made to Smucker shareholders, except
for any cash due to shareholders as payment for fractional shares.

The Smucker new common shares will begin to trade on June 3, 2002. Smucker
shares will continue to trade on the NYSE under the same ticker symbol, "SJM."

Tim Smucker, chairman and co-chief executive officer of Smucker, said, "It has
been a long road since we announced the Jif and Crisco transaction and we are
eager to welcome these icon brands into the Smucker family. We have our
integration teams and plans in place and are looking forward to completing the
transaction so we can begin to run these businesses."

"Jif and Crisco will enjoy a prominent position at Smucker, where they'll have
opportunities to grow and prosper with a company for whom they will be core
brands," said A.G. Lafley, president and chief executive of Procter & Gamble. "I
couldn't be more pleased - for our employees, for our shareholders and for The
J.M. Smucker Company."

Current Smucker shareholders who hold share certificates will receive
information from Smucker shortly after closing explaining the process for
exchanging their existing share certificates for their new Smucker common
shares. Shares held in book form by the

<PAGE>

transfer agent, such as dividend reinvestment plan shares, will automatically be
converted into new Smucker common at closing. Shareholders with questions should
contact Smucker's transfer agent, Computershare Investor Services, at
1-800-456-1169.

Procter & Gamble shareholders who hold their Procter & Gamble stock in record
form will receive an account statement from Smucker shortly after closing. That
statement will confirm the number of shares of new Smucker they own and that
these shares will be held in book entry form by Computershare. Shareholders who
own Smucker or Procter & Gamble shares in a bank or brokerage account should
contact their bank or broker regarding their new Smucker shares.

Additional shareholder information can be found on the Smucker and Procter &
Gamble web sites at www.smuckers.com and www.pg.com/investor, respectively.

This press release contains certain forward-looking statements that are subject
to risks and uncertainties that could cause actual results to differ materially.
These include statements regarding expectations as to the closing of the
transaction, the exchange ratio for Smucker shareholders, and the integration of
the acquired businesses in a timely and cost effective manner. Other risks and
uncertainties that may materially affect the companies are detailed from time to
time in the respective reports filed by the companies with the Securities and
Exchange Commission, including Forms 10-Q, 10-K, and 8-K.


THE J.M. SMUCKER COMPANY:
The J.M. Smucker Company (www.smuckers.com) was founded in 1897, when the
Company's namesake and founder sold his first product -- apple butter -- from
the back of a horse-drawn wagon. Today, over a century later, the Company is the
market leader in fruit spreads, ice cream toppings, health and natural foods
beverages, and natural peanut butter in North America. For over 100 years, The
J.M. Smucker Company has been headquartered in Orrville, Ohio and has been
family run for four generations. The Company has over 2,000 employees worldwide
and distributes products in more than 70 countries.

THE PROCTER & GAMBLE COMPANY:
P&G markets more than 250 brands including Pampers(R), Tide(R), Ariel(R),
Always(R), Whisper(R), Pantene(R), BountY(R), Pringles(R), Folgers(R),
Charmin(R), Downy(R), Lenor(R), Iams(R), Olay(R), Crest(R), Vicks(R) and
Actonel(R). P&G employs nearly 106,000 people in more than 80 countries
worldwide. For more information about P&G, please visit our website at
www.pg.com.

CONTACTS:
The Procter & Gamble Company:  Margaret Swallow  513-945-6294
The J.M. Smucker Company:  Steven J. Ellcessor 330-682-3000


</TEXT>
</DOCUMENT>
