US food and beverages manufacturer JM Smucker has entered into an agreement to sell its natural and organic beverage and grains businesses to Nexus Capital for $110 million.
The sale includes assets of RW Knudsen and TruRoots brands, a licensing agreement for Santa Cruz Organic beverages and manufacturing facilities in Chico, California, and Havre de Grace, Maryland.
Tina Floyd, vice president and general manager of consumer foods at JM Smucker, said: “This transaction supports our strategy to direct investments and resources toward core brands positioned for growth. By focusing resources on our core brands, including Uncrustables sandwiches, Jif and Smuckers, we are positioning ourselves to build on our market leadership while continuing to support the growth of the overall category”.
The transaction is expected to close in the third quarter of the Company’s 2022 fiscal year, subject to customary closing conditions.
Source: PR Newswire