— Will Continue to Own and Operate Green
Giant frozen, Green Giant Canada and the Le Sueur Brand —
B&G Foods, Inc. (NYSE: BGS) announced today that it has sold
its Green Giant U.S. shelf-stable vegetable product line to Seneca
Foods Corporation. In connection with the sale, B&G Foods,
which will retain ownership of the Green Giant trademarks, will
license the Green Giant brand name to Seneca Foods. The sale does
not include Green Giant frozen, Green Giant Canada or the Le Sueur
brand.
“Our decision to sell the U.S. shelf-stable product line of the
Green Giant brand is part of our ongoing effort to divest product
lines that are non-core to B&G Foods’ long-term strategy and
reduce long-term debt,” said Casey Keller, President and Chief
Executive Officer of B&G Foods. “We believe that Seneca Foods,
the long-time, primary co-manufacturer for the Green Giant U.S.
shelf-stable product line, is the right owner for the U.S.
shelf-stable product line. We continue to believe in the power of
the iconic Green Giant brand and the sale will allow our Green
Giant team to focus on Green Giant frozen, Green Giant Canada and
the Le Sueur brand.”
B&G Foods intends to use the net proceeds from the sale for
the repayment of long-term debt.
The terms of the transaction were not disclosed.
About B&G Foods, Inc.
Based in Parsippany, New Jersey, B&G Foods and its
subsidiaries manufacture, sell and distribute high-quality, branded
shelf-stable and frozen foods across the United States, Canada and
Puerto Rico. With B&G Foods’ diverse portfolio of more than 50
brands you know and love, including B&G, B&M, Bear Creek,
Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Le Sueur,
Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner,
Spice Islands and Victoria, there’s a little something for
everyone. For more information about B&G Foods and its brands,
please visit www.bgfoods.com.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.”
The forward-looking statements contained in this press release
include, without limitation, statements related to B&G Foods’
use of the net proceeds of the sale to reduce long-term debt, and
the power of the Green Giant brand and the ability of B&G
Foods’ Green Giant team to focus on Green Giant frozen, Green Giant
Canada and the Le Sueur brand. Such forward-looking statements
involve known and unknown risks, uncertainties and other unknown
factors that could cause the actual results of B&G Foods to be
materially different from the historical results or from any future
results expressed or implied by such forward-looking statements. In
addition to statements that explicitly describe such risks and
uncertainties, readers are urged to consider statements labeled
with the terms “believes,” “belief,” “expects,” “projects,”
“intends,” “anticipates,” “assumes,” “could,” “should,”
“estimates,” “potential,” “seek,” “predict,” “may,” “will” or
“plans” and similar references to future periods to be uncertain
and forward-looking. Factors that may affect actual results
include, without limitation: B&G Foods’ substantial leverage;
the effects of rising costs for and/or decreases in supply of
B&G Foods’ commodities, ingredients, packaging, other raw
materials, distribution and labor; crude oil prices and their
impact on distribution, packaging and energy costs; B&G Foods’
ability to successfully implement sales price increases and cost
saving measures to offset any cost increases; intense competition,
changes in consumer preferences, demand for B&G Foods’ products
and local economic and market conditions; B&G Foods’ continued
ability to promote brand equity successfully, to anticipate and
respond to new consumer trends, to develop new products and
markets, to broaden brand portfolios in order to compete
effectively with lower priced products and in markets that are
consolidating at the retail and manufacturing levels and to improve
productivity; the ability of B&G Foods’ and its supply chain
partners to continue to operate manufacturing facilities,
distribution centers and other work locations without material
disruption, and to procure ingredients, packaging and other raw
materials when needed despite disruptions in the supply chain or
labor shortages; the impact pandemics or disease outbreaks, such as
the COVID-19 pandemic, may have on B&G Foods’ business,
including among other things, B&G Foods’ supply chain,
manufacturing operations or workforce and customer and consumer
demand for B&G Foods’ products; B&G Foods’ ability to
recruit and retain senior management and a highly skilled and
diverse workforce at B&G Foods’ corporate offices,
manufacturing facilities and other locations despite a very tight
labor market and changing employee expectations as to fair
compensation, an inclusive and diverse workplace, flexible working
and other matters; the risks associated with the expansion of
B&G Foods’ business; B&G Foods’ possible inability to
identify new acquisitions or to integrate recent or future
acquisitions or B&G Foods’ failure to realize anticipated
revenue enhancements, cost savings or other synergies from recent
or future acquisitions; B&G Foods’ ability to successfully
complete the integration of recent or future acquisitions into
B&G Foods’ enterprise resource planning (ERP) system; tax
reform and legislation, including the effects of the Infrastructure
Investment and Jobs Act, U.S. Tax Cuts and Jobs Act and the U.S.
CARES Act, and future tax reform or legislation; B&G Foods’
ability to access the credit markets and B&G Foods’ borrowing
costs and credit ratings, which may be influenced by credit markets
generally and the credit ratings of B&G Foods’ competitors;
unanticipated expenses, including, without limitation, litigation
or legal settlement expenses; the effects of currency movements of
the Canadian dollar and the Mexican peso as compared to the U.S.
dollar; the effects of international trade disputes, tariffs,
quotas, and other import or export restrictions on B&G Foods’
international procurement, sales and operations; future impairments
of B&G Foods’ goodwill and intangible assets; B&G Foods’
ability to protect information systems against, or effectively
respond to, a cybersecurity incident, other disruption or data
leak; B&G Foods’ ability to successfully implement B&G
Foods’ sustainability initiatives and achieve B&G Foods’
sustainability goals, and changes to environmental laws and
regulations; and other factors that affect the food industry
generally, including: recalls if products become adulterated or
misbranded, liability if product consumption causes injury,
ingredient disclosure and labeling laws and regulations and the
possibility that consumers could lose confidence in the safety and
quality of certain food products; competitors’ pricing practices
and promotional spending levels; fluctuations in the level of
B&G Foods’ customers’ inventories and credit and other business
risks related to B&G Foods’ customers operating in a
challenging economic and competitive environment; and the risks
associated with third-party suppliers and co-packers, including the
risk that any failure by one or more of B&G Foods’ third-party
suppliers or co-packers to comply with food safety or other laws
and regulations may disrupt B&G Foods’ supply of raw materials
or certain finished goods products or injure B&G Foods’
reputation. The forward-looking statements contained herein are
also subject generally to other risks and uncertainties that are
described from time to time in B&G Foods’ filings with the
Securities and Exchange Commission, including under Item 1A, “Risk
Factors” in B&G Foods’ most recent Annual Report on Form 10-K
and in its subsequent reports on Forms 10-Q and 8-K. Investors are
cautioned not to place undue reliance on any such forward-looking
statements, which speak only as of the date they are made. B&G
Foods undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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Investor Relations: ICR, Inc. Dara Dierks 866.211.8151
Media Relations: ICR, Inc. Matt Lindberg 203.682.8214
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