SJM - J.M. Smucker to divest natural beverages and grains businesses for ~$110M

The J.M. Smucker (NYSE:SJM) to sell its natural and organic beverage and grains businesses to Nexus Capital Management LP in a cash transaction at ~$110M, 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, to further optimize operations for the Consumer Foods business, 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 transaction is expected to close in the 3Q22. Collectively, the natural beverage and grains businesses generated net sales of approximately $140M for the Company's fiscal year ended April 30, 2021. The Company expects the divestiture to be

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J.M. Smucker to divest natural beverages and grains businesses for ~$110M