J.M. Smucker (SJM) said Friday it has agreed to sell its Cloverhill and Big Texas brands, as well as some private label products, to JTM Foods for roughly $40 million in cash.
The transaction, which includes relevant trademarks and licenses and its manufacturing plant in Chicago, is set to close in Q4 of the current fiscal year ending April 30, it said.
The divested brands generated about $30 million in net sales during the prior fiscal year, the company said. It expects the sale to be immaterial to its adjusted EPS on a full-year basis.
The company said the divestment reflected its continued portfolio optimization of sweet baked snacks segment.
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