WASHINGTON (dpa-AFX) - J.M. Smucker Co. (SJM) said that it agreed to sell its Bick's pickles, Habitant pickled beets, Woodman's horseradish and McLarens pickled onions brands to TreeHouse Foods Inc. (THS). The all-cash transaction is valued at approximately $20 million, subject to a working capital adjustment.
The company noted that the decision will allow the company to enhance focus on growing its position in the coffee, spreads, frozen handheld and pet categories in Canada.
The company expects the impact of the divestiture to be immaterial to its adjusted earnings per share on a full-year basis.
The transaction is anticipated to close in the third quarter of the Company's current fiscal year ending April 30, 2024.
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