B&G Foods Inc (BGS): B&G Foods to sell off its Portland, Main...

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Re: tknuncle post# 106

Monday, 08/30/2021 8:59:03 PM

Monday, August 30, 2021 8:59:03 PM

B&G Foods to sell off its Portland, Maine manufacturing facility • 4:44 PM

For improving productivity and reduce overall costs, B&G Foods (NYSE:BGS) reached an agreement to sell its 100+ years old Portland, Maine manufacturing facility and 13.5 acre waterfront property to the Institute for Digital Engineering and Life Sciences.

The company plans to move manufacturing operations of B&M, Underwood and certain other brands to third-party co-manufacturing facilities and existing B&G Foods manufacturing facilities.

B&G Foods does not anticipate any disruption in production or the delivery of customer orders relating to the transition of manufacturing operations, which is expected to be completed during Q4 or 1Q22.

The sale is expected to close by 2021 end.

Related to the closure, the company has launched a multi-employer pension plan withdrawal liability which will be recorded as cash and non-cash charges in Q3 and Q4.