BEIJING (dpa-AFX) - J.M. Smucker Co. (SJM) said that it agreed to sell its natural and organic beverage and grains businesses to Nexus Capital Management LP in a cash transaction valued at approximately $110 million. The sale includes R.W. Knudsen and TruRoots assets and trademarks, and a licensing agreement for Santa Cruz Organic beverages.
The transaction also includes the Company's manufacturing and distribution facilities in Chico, California, and Havre de Grace, Maryland. It does not include Santa Cruz Organic nut butters, fruit spreads, syrups or applesauce.
In a related decision, the company plans to close and pursue the sale of its Ripon, Wisconsin, production facility in calendar year 2022 and consolidate production at its Orrville, Ohio, facility.
The company expects the divestiture to be dilutive to its adjusted earnings per share by approximately $0.15 on a full-year basis, reflecting the foregone profit related to the natural and organic beverages and grains businesses, before factoring in any potential benefit from the use of net proceeds from the sale.
The transaction is expected to close in the third quarter of the company's 2022 fiscal year.
Copyright RTT News/dpa-AFX
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