J.M. Smucker Co said on Monday it would sell its U.S. baking business, which includes brands such as Pillsbury, Martha White and Hungry Jack, to private equity firm Brynwood Partners for $375 million.
The deal includes a manufacturing facility in Toledo, Ohio, but excludes the baking business in Canada, the company said.
“The divestiture reflects our strategy to further focus our portfolio and develop a stronger presence in pet food, coffee, and snacking,” Chief Executive Officer Mark Smucker said in a statement.
Smucker in May completed its $1.9 billion acquisition of Rachael Ray Dog food maker Ainsworth Pet Nutrition.
The company said it expected the divestiture to reduce adjusted earnings by 25 cents to 30 cents on a full-year basis, while net impact would be only slightly dilutive to its fiscal 2019 adjusted earnings per share.
The business generated net sales of about $370 million for its fiscal year ended April 30, the company said.
The transaction is expected to close in the second quarter of the company’s 2019 fiscal year.
By Arjun Panchadar
Source: Reuters
Danone has appointed Carla Hilhorst to the newly created position of senior vice president of research and innovation categories and zones, as the company looks to make science the heart of its business. Hilhorst, who brings over 30 years of experience in research and innovation, will report directly to Isabelle Esser, Danone’s chief research, innovation, quality and food safety officer.
The move, part of Pernod Ricard’s strategy to enhance its premiumisation efforts, will allow the company to focus more resources on its portfolio of premium international spirits and champagne brands that drive the growth of its business. This decision aligns with the company’s commitment to delivering sustainable value for shareholders, employees, clients and partners.
Schai – who is the current CEO of Swiss chocolate company Lindt & Sprüngli’s Australian operation – has previously worked with Aryzta from 2015-2018, where he served in roles including managing director for Asia Pacific and global strategic business lead (McDonald’s). The fast-food giant McDonald’s is one of Aryzta’s significant clients.
