Benzinga | Aug 31, 2021 05:49AM EDT

B&G Foods To Sell Portland Manufacturing Facility For Undisclosed Sum

* B&G Foods Inc (NYSE:BGS) has signed an agreement to sell its Portland, Maine manufacturing facility and 13.5-acre waterfront property to the Institute for Digital Engineering and Life Sciences for an undisclosed sum.

* The company plans to move manufacturing operations of B&M, Underwood, and other brands to third-party co-manufacturing facilities and existing B&G Foods manufacturing facilities. It expects to complete the transition during the Q4 of 2021 or Q1 of 2022.

* The move is a part of B&G's efforts to improve productivity and reduce overall costs. The sale is expected to close by year-end.

* B&G Foods will offer 86 employees of the manufacturing facility severance and career transition support.

* The company expects to trigger a multi-employer pension plan withdrawal liability in connection with the facility's closing.

* B&G held $40.3 million in cash and equivalents as of June 30, 2021.

* Price Action: BGS shares closed higher by 0.82% at $29.50 on Monday.