\nB&G Foods, Inc. (NYSE: BGS) announced today that it has sold its Green Giant <\/i>U.S. frozen vegetable product line to Seneca Foods Corporation.<\/p>\n
\nB&G Foods previously sold the Green Giant <\/i>U.S. shelf-stable vegetable product line to Seneca Foods in November 2023 and the Le Sueur <\/i>U.S. shelf-stable vegetable product line to McCall Farms in August 2025. In addition, in October 2025, B&G Foods entered into an agreement to sell the Green Giant<\/i> and Le Sieur<\/i> frozen and shelf-stable vegetable product lines in Canada to Nortera Foods. B&G Foods expects that sale to close during the second quarter of 2026, subject to regulatory approval in Canada and the satisfaction of customary closing conditions.<\/p>\n
\n\u201cToday\u2019s sale of Green Giant <\/i>U.S frozen represents another milestone in our ongoing effort to divest brands and product lines that are non-core to B&G Foods\u2019 long-term strategy, sharpen our focus and reduce long-term debt,\u201d said Casey Keller, President and Chief Executive Officer of B&G Foods. \u201cMoreover, we believe that reuniting the Green Giant <\/i>U.S. frozen product line with the Green Giant <\/i>U.S. shelf-stable product line under the ownership of Seneca Foods, one of the largest processors of fruits and vegetables in the United States, is an important next step for the future of the Green Giant <\/i>brand and is in the best interests of the millions of consumers who know and love the iconic Green Giant <\/i>brand.\u201d<\/p>\n
\nThe sale, which is effective today, includes B&G Foods\u2019 frozen vegetable manufacturing operations in Yuma, Arizona. B&G Foods will maintain its frozen vegetable manufacturing operations in Irapuato, Mexico and has entered into a co-pack agreement with Seneca Foods pursuant to which B&G Foods will continue to produce certain Green Giant <\/i>frozen products for Seneca Foods.<\/p>\n
\nB&G Foods intends to use the proceeds from the sale for general corporate purposes, including the repayment of long-term debt and the purchase of assets useful in B&G Foods\u2019 business, and to pay taxes, fees and expenses related to the sale.<\/p>\n
\nThe terms of the transaction were not disclosed. Barclays Capital Inc. and Deutsche Bank Securities Inc. acted as financial advisors to B&G Foods.<\/p>\n
About B&G Foods, Inc. Forward-Looking Statements View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260227602029\/en\/<\/a><\/span><\/p>\n \nInvestor Relations:
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<\/b>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\u2019 diverse portfolio of more than 50 brands you know and love, including B&G<\/i>, B&M<\/i>, Bear Creek<\/i>, Cream of Wheat<\/i>, Crisco<\/i>, Dash,<\/i>Green Giant<\/i>, Las Palmas<\/i>, Mama Mary\u2019s<\/i>, Maple Grove Farms<\/i>, New York Style<\/i>, Ortega<\/i>, Polaner<\/i>, Spice Islands<\/i> and Victoria<\/i>, there\u2019s a little something for everyone. For more information about B&G Foods and its brands, please visit www.bgfoods.com<\/a>.<\/p>\n
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<\/b>Statements in this press release that are not statements of historical or current fact constitute \u201cforward-looking statements.\u201d The forward-looking statements contained in this press release include, without limitation, statements related to B&G Foods\u2019 expected use of the proceeds from the sale of B&G Foods\u2019 <\/i>Green Giant U.S. frozen vegetable product line and B&G Foods\u2019 pending sale of the <\/i>Green Giant and <\/i>Le Sieur frozen and shelf-stable vegetable<\/i>product lines in Canada, the timing thereof,. 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 \u201cbelieves,\u201d \u201cbelief,\u201d \u201cexpects,\u201d \u201cprojects,\u201d \u201cintends,\u201d \u201canticipates,\u201d \u201cassumes,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cestimates,\u201d \u201cpotential,\u201d \u201cseek,\u201d \u201cpredict,\u201d \u201cmay,\u201d \u201cwill\u201d or \u201cplans\u201d and similar references to future periods to be uncertain and forward-looking. Factors that may affect actual results include, without limitation: B&G Foods\u2019 substantial leverage, which may impact B&G Foods\u2019 ability, among other things, to fund capital expenditures, working capital needs, dividend payments and acquisitions, and to obtain refinancing or additional financing; B&G Foods\u2019 ability to comply with the ratios or tests under its long-term debt agreements, including the maximum consolidated leverage ratio and minimum consolidated interest coverage ratio under its credit agreement, which may be affected not only by B&G Foods\u2019 operating performance but also by events beyond B&G Foods\u2019 control, including prevailing economic, financial and industry conditions, and changes in interest rates; the effects of international trade disputes, tariffs, quotas, and other import or export restrictions on B&G Foods\u2019 procurement, sales and operations (including recent U.S. tariffs imposed or threatened to be imposed on China, Canada and Mexico and other countries and retaliatory actions taken or threatened to be taken by such countries); the effects of rising costs for and\/or decreases in supply of B&G Foods\u2019 commodities, ingredients, packaging, other raw materials, distribution and labor; crude oil prices and their impact on distribution, packaging and energy costs; B&G Foods\u2019 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\u2019 products and local economic and market conditions; B&G Foods\u2019 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, may have on B&G Foods\u2019 business, including among other things, B&G Foods\u2019 supply chain, manufacturing operations or workforce and customer and consumer demand for B&G Foods\u2019 products; B&G Foods\u2019 ability to recruit and retain senior management and a highly skilled and diverse workforce at B&G Foods\u2019 corporate offices, manufacturing facilities and other work 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 possible expansion of B&G Foods\u2019 business through acquisitions or reduction in size through divestitures; B&G Foods\u2019 possible inability to successfully complete divestitures of non-core businesses,<\/i>including the pending divestiture of the <\/i>Green Giant and <\/i>Le Sieur frozen and shelf-stable vegetable<\/i>product lines in Canada, to sharpen its focus, improve margins, reduce costs and reduce its long-term debt, and, if completed, B&G Foods\u2019 possible inability to achieve the expected margin improvements, cost savings and debt reduction; whether and when the closing conditions for B&G Foods\u2019 pending acquisition of the <\/i>College Inn and <\/i>Kitchen Basics brands will be satisfied and whether and when the acquisition will close, and B&G Foods\u2019 possible inability to identify new acquisitions or to integrate recent, pending or future acquisitions or B&G Foods\u2019 failure to realize anticipated revenue enhancements, cost savings or other synergies from recent, pending or future acquisitions; B&G Foods\u2019 ability to successfully complete the integration of recent or future acquisitions into B&G Foods\u2019 enterprise resource planning (ERP) system; tax reform and legislation, including the effects of the U.S. Tax Cuts and Jobs Act and the One Big Beautiful Bill Act, and any future tax reform or legislation; B&G Foods\u2019 ability to access the credit markets and B&G Foods\u2019 borrowing costs and credit ratings, which may be influenced by credit markets generally and the credit ratings of B&G Foods\u2019 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; future impairments of B&G Foods\u2019 goodwill, other intangible assets, and tangible assets, such as property, plant, equipment or inventory, which impairments may be triggered if operating results for any of B&G Foods\u2019 brands deteriorate at rates in excess of its current projections, B&G Foods\u2019 market capitalization declines or discount rates change, even if due to macroeconomic factors, or may be triggered by divestitures, including B&G Foods\u2019 possible divestiture of some or all of the remaining assets of B&G Foods\u2019 Frozen & Vegetables business unit, if divestiture proceeds are less than the book value of the assets being divested; B&G Foods\u2019 ability to protect information systems against, or effectively respond to, a cybersecurity incident, other disruption or data leak; B&G Foods\u2019 ability to successfully implement B&G Foods\u2019 sustainability initiatives and achieve B&G Foods\u2019 sustainability goals, and changes to environmental laws and regulations; B&G Foods\u2019 ability to successfully adopt and utilize new technologies, such as artificial intelligence, including machine learning and generative artificial intelligence; 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\u2019 pricing practices and promotional spending levels; fluctuations in the level of B&G Foods\u2019 customers\u2019 inventories and credit and other business risks related to B&G Foods\u2019 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\u2019 third-party suppliers or co-packers to comply with food safety or other laws and regulations may disrupt B&G Foods\u2019 supply of raw materials or certain finished goods products or injure B&G Foods\u2019 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\u2019 filings with the Securities and Exchange Commission, including under Item 1A, \u201cRisk Factors\u201d in B&G Foods\u2019 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.<\/i><\/p>\n<\/p>\n
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ICR, Inc.
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Anna Kate Heller
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bgfoodsIR@icrinc.com<\/a><\/p>\n