The latest news, trends, analysis, interviews and podcasts from the global food and beverage industry
JM Smucker has entered into a definitive agreement to sell its Bick's pickles, Habitant pickled beets, Woodman's horseradish and McLarens pickled onions brands to TreeHouse Foods. The brands included in the transaction generated net sales of approximately $60 million for JM Smucker’s fiscal year ended April 30, 2023. The all-cash transaction is valued at approximately $20 million, subject to a working capital adjustment. Steve Oakland, chairman, CEO and president of TreeHouse Foods, said: "This acquisition of assets is consistent with our strategy and enhances TreeHouse Foods' depth in our growing pickles category, allowing us to expand into Canada and thus positioning TreeHouse for continued success. We have had a co-packing arrangement with Bick's pickles for many years and we are pleased to integrate this business with our manufacturing network." Tim Wayne, SVP and GM, away from home, Canada and International at JM Smucker, added: "This decision will allow us to enhance focus on growing our position in the coffee, spreads, frozen handheld and pet categories in Canada with leading and emerging brands...and supporting continued leadership in the baking category...On behalf of the organisation, I would like to extend our appreciation to the employees who have worked diligently to support these brands, which have played an important role in our Canadian portfolio." The transaction is expected to close in the Q4 of JM Smucker’s current fiscal year (April 2024) subject to customary closing conditions. You may also like to read: