B&G Foods has signed an agreement to sell its Portland, Maine, manufacturing plant and waterfront property in an attempt to improve productivity and reduce overall costs.
The company – which includes brands such as B&M, Underwood and more – will be selling its facility to the Institute for Digital Engineering and Life Sciences.
The Portland property will eventually become the home of The Roux Institute at Northeastern University, in which the campus will include partner companies and housing.
B&G Foods’ president and CEO, Casey Keller, said: “The Portland community has been the home to B&M for more than a century, and while this was a very difficult decision, we believe it is in the best interest for the future of Portland”.
“We are confident The Roux Institute will build a new longstanding legacy on the property, one that will enrich Portland residents in new and exciting ways, and will endure as a force for good in the community for generations to come.”
He continued: “We are grateful for the dedication of each of our employees and we are committed to supporting their transition with financial support and assistance finding new employment”.
The transition of manufacturing operations is expected to be completed either during Q4 of 2021 or Q1 of 2022. Meanwhile, the sale, which is subject to customary conditions, is expected to close towards the end of 2021.
© FoodBev Media Ltd 2021
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry.
Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial