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J.M. Smucker Co., a leading maker of jams, jellies and dessert toppings, said it will acquire the Jif peanut butter and Crisco cooking oil brands from Procter & Gamble for $1 billion in stock. The deal also includes the Jif and Crisco plants in Lexington, Ky., and Cincinnati, and all their employees. Orrville, Ohio-based Smucker said the acquisition eventually will almost triple its annual earnings and double annual sales to $1.3 billion.

Redback Networks Inc. posted a massive net loss of $3.1 billion in the third quarter, as sales plunged 54 percent due to the worldwide telecommunications industry slump, the Financial Times reported. The San Jose, Calif.-based supplier of broadband and optical networking equipment and services recently cut about 200 jobs, one-sixth of its workforce. Redback once planned to challenge Cisco Systems and Juniper Networks Inc. for leadership in the industry.

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"Up to 25 percent" of Akami Technologies Inc.'s workforce of 1,300 people will be laid off, the Internet content distributor announced. The Cambridge, Mass., company's servers allow clients to deliver video, advertising, and other high-bandwidth materials. Its cofounder and chief technology officer, Daniel Lewin, was a passenger on one of the hijacked airliners that hit the World Trade Center Sept. 11.