SJM - J.M. Smucker to Rake In Over Half a Billion From Crisco Brand Selloff
Food sector company J.M. Smucker (NYSE: SJM) is set to gain $550 million in cash from divesting its Crisco brand to B&G Foods (NYSE: BGS) , a branded food holding company. In today's press release, Smucker says it is selling the cooking oil and shortening brand because its "strategic priorities include an increased focus and allocation of resources toward pet food and pet snacks, coffee, and snacking to maintain momentum in these categories," according to President and CEO Mark Smucker.
B&G Foods, a small-cap dividend stock paying its dividend regularl y since its IPO 16 years ago, already boasts a lineup of approximately 50 brands. These include well-known names such as Green Giant, Cream of Wheat, Polaner fruit spreads, Durkee, and others.
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J.M. Smucker to Rake In Over Half a Billion From Crisco Brand Selloff