J.M. Smucker (SJM) closed the sale of its Cloverhill and Big Texas brands, along with certain private label products, to JTM Foods for $40 million in cash.
The sale will reduce fiscal 2025 sales by $10 million and "will be immaterial to full-year adjusted earnings per share," J.M. Smucker said Monday in a statement. The company maintained fiscal year guidance.
The sale includes a manufacturing facility in Chicago, and 400 employees will "transition with the business," J.M. Smucker said.
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