J.M. Smucker to Sell Service, Bakery Units
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J.M. Smucker Co., the largest U.S. maker of jellies and jams, agreed to sell its U.S. food service and bakery-products businesses and some Canadian operations to Value Creation Partners Inc. for about $43 million. The sale includes a plant in La Mirada.
The units, acquired last year when Smucker purchased International Multifoods Corp., had sales of $202.5 million for the year ended Feb. 28, the Orrville, Ohio-based company said.
Value Creation, based in Columbus, Ohio, makes and distributes commercial baking products.
Smucker shares rose 4 cents to $46.04 on the NYSE.
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