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— Will Continue to Own and Operate Green Giant frozen, Green Giant Canada and the Le Sueur Brand —
B&G Foods, Inc. (NYSE:BGS) announced today that it has sold its Green Giant U.S. shelf-stable vegetable product line to Seneca Foods Corporation. In connection with the sale, B&G Foods, which will retain ownership of the Green Giant trademarks, will license the Green Giant brand name to Seneca Foods. The sale does not include Green Giant frozen, Green Giant Canada or the Le Sueur brand.
"Our decision to sell the U.S. shelf-stable product line of the Green Giant brand is part of our ongoing effort to divest product lines that are non-core to B&G Foods' long-term strategy and reduce long-term debt," said Casey Keller, President and Chief Executive Officer of B&G Foods. "We believe that Seneca Foods, the long-time, primary co-manufacturer for the Green Giant U.S. shelf-stable product line, is the right owner for the U.S. shelf-stable product line. We continue to believe in the power of the iconic Green Giant brand and the sale will allow our Green Giant team to focus on Green Giant frozen, Green Giant Canada and the Le Sueur brand."
B&G Foods intends to use the net proceeds from the sale for the repayment of long-term debt.
The terms of the transaction were not disclosed.
Posted In: BGS
