The J.M. Smucker (SJM) Co. announced the closing of the transaction to divest its Cloverhill and Big Texas brands, as well as certain private label products, to JTM Foods. The company previously announced the signing of a definitive agreement for the transaction on January 31. The all-cash transaction is valued at approximately $40M, subject to a working capital adjustment, and includes relevant trademarks and licenses as well as the company’s manufacturing facility in Chicago, Illinois along with approximately 400 employees who will also transition with the business. The transaction is expected to impact fiscal year 2025 net sales by approximately $10M and to be immaterial to full-year adjusted earnings per share. The company maintains its fiscal year 2025 guidance as communicated in its most recent quarterly earnings announcement on February 27.
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