B&G Foods, Inc. manufactures, sells and distributes branded shelf-stable and frozen foods in the United States, Canada and Puerto Rico. News about BGS centers on quarterly results, dividend declarations, portfolio changes and brand activity across products such as vegetables, cooking oils, cereals, sauces, spices, seasonings, broths and stocks.
The company’s updates also cover acquisitions and divestitures within its packaged-food portfolio, including the completed addition of the College Inn and Kitchen Basics broth and stock brands. Brand-level announcements include consumer marketing for names such as Ortega, while financial releases discuss sales trends, pricing, volume, adjusted EBITDA and cash-flow measures.
B&G Foods has completed the acquisition of Crisco from The J. M. Smucker Co. for $550 million in cash. This acquisition includes a manufacturing facility in Cincinnati, Ohio. B&G expects this deal to be immediately accretive to earnings per share and free cash flow. The projected annual net sales for the acquired business in 2021 are about $270 million with adjusted EBITDA between $65 million and $70 million. The acquisition is anticipated to yield around $75 million in tax benefits and a purchase price multiple of approximately 8.1 times adjusted EBITDA.
B&G Foods, Inc. (NYSE: BGS) announced a leadership change as Kenneth G. Romanzi steps down as President and CEO effective November 15, 2020. Romanzi is leaving to pursue personal interests, with David L. Wenner appointed as Interim President and CEO. The Board will search for a permanent replacement and has established a special committee to oversee the process. Despite the transition, B&G Foods reaffirmed its fiscal 2020 financial guidance and expects to close the pending Crisco acquisition in Q4 2020. Romanzi expressed pride in the company’s achievements during his tenure.
B&G Foods, Inc. (NYSE: BGS) has declared a quarterly cash dividend of $0.475 per share, payable on February 1, 2021 to shareholders on record as of December 31, 2020. This reflects a remarkable 6.6% annualized yield at the closing market price on October 27, 2020. The latest declaration marks the 65th consecutive quarterly dividend since the company's IPO in October 2004, demonstrating ongoing confidence in its financial stability and commitment to returning value to shareholders.
B&G Foods (NYSE: BGS) has announced an agreement to acquire the Crisco brand from The J.M. Smucker Co. for approximately $550 million. This deal includes a manufacturing facility in Cincinnati, Ohio, and is expected to close in Q4 2020, pending regulatory approvals. B&G Foods anticipates that the acquisition will add $270 million in annual net sales, with adjusted EBITDA between $65 million and $70 million. The purchase price multiple is approximately 8.1x adjusted EBITDA, or 7.0x when net tax benefits are considered.
B&G Foods, Inc. (NYSE: BGS) will release its third quarter 2020 financial results after market close on November 5, 2020. A conference call is scheduled at 4:30 p.m. ET on the same day, hosted by Kenneth G. Romanzi and Bruce C. Wacha. The earnings press release and a live audio webcast will be available on their investor relations website. Additionally, the company clarified its fiscal quarter calendar, noting a 14-week third quarter and a normal 13-week fourth quarter for fiscal 2020, due to a 53-week fiscal year.
B&G Foods has voluntarily recalled a limited number of 6 oz. Back to Nature Organic Rosemary & Olive Oil Stoneground Wheat Crackers due to a packaging error. The recall affects boxes with a “best by” date of APR 25, 2021, which may contain peanut butter cookies instead of the intended product. This poses a risk of allergic reactions to consumers with peanut allergies. No allergic reactions have been reported, and the recall is conducted in cooperation with the FDA. Consumers can return the recalled product for a full refund.
B&G Foods announced the launch of its first line of Ortega taco shells and tortillas made with cauliflower. The new Ortega Cauliflower & Corn Taco Shells and Cauliflower & Flour Tortillas provide healthier alternatives for taco enthusiasts. Additionally, Ortega introduced a new line of Street Taco Sauces in three flavors aimed at enhancing the taco experience. These products are now available in grocery stores nationwide, reflecting B&G Foods' commitment to innovation in the Mexican food category.
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