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Competition / Competitors

We face competition in each of our product lines. Numerous brands and
products compete for shelf space and sales, with competition based primarily on
product quality, convenience, price, trade promotion, consumer promotion, brand
recognition and loyalty, customer service, advertising and other activities and
the ability to identify and satisfy emerging consumer preferences. We compete
with numerous companies of varying sizes, including divisions or subsidiaries of
larger companies. Many of these competitors have multiple product lines,
substantially greater financial and other resources available to them and may
have lower fixed costs and/or be substantially less leveraged than we. Our
ability to grow our business could be impacted by the relative effectiveness of,
and competitive response to, our product initiatives, product innovation,
advertising and promotional activities. In addition, from time to time, we
experience margin pressure in certain markets as a result of competitors'
pricing practices.

    Our most significant competitors for our pickles and peppers products are
Vlasic and Mt. Olive branded products. In addition, J.M. Smucker is the main
competitor for our fruit spread products marketed under the Polaner label. The
Maple Grove Farms of Vermont pure maple syrup competes directly with the
SpringTree™ brand in the pure maple syrup category. Our Vermont Maid syrup
products also have a number of competitors in the general pancake syrup market,
including Aunt Jemima, Mrs. Buttersworth™ and Log Cabin. The B&M Baked Bean and
Joan of Arc products compete with Bush's brand products. Ortega products compete
with the Old El Paso and Taco Bell brands.

    In addition, our products compete not only against other brands in their
respective product categories, but also against products in similar or related
product categories. For example, our shelf-stable pickles compete not only with
other brands of shelf-stable pickles, but also with products found in the
refrigerated sections of grocery stores, and all our brands compete against
private label store brands to varying degrees.

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