B&G Foods sells Green Giant frozen-veg business to Seneca Foods

Core Insights - B&G Foods has divested another Green Giant asset to Seneca Foods, including a plant in Yuma, Arizona, and will continue to produce frozen vegetable products for Seneca [1][2] - The transaction also involves inventory and the Green Giant US frozen brand, marking a strategic move to focus on core operations and reduce long-term debt [4] - B&G Foods has previously sold the Green Giant shelf-stable vegetables line to Seneca Foods in 2023 and is in the process of divesting other Green Giant assets, including a pending deal for the Canadian business with Nortera Foods [2][3] Group 1 - The latest sale of the Green Giant US frozen product line is part of B&G Foods' strategy to divest non-core brands and product lines [4] - The manufacturing agreement with Seneca Foods is centered on B&G Foods' plant in Irapuato, Mexico, which will be retained by B&G Foods [2] - The transaction with Nortera Foods for the Canadian business includes the Le Sieur brand and is expected to close in the current quarter, pending regulatory approval [3] Group 2 - B&G Foods' president and CEO, Casey Keller, emphasized the importance of reuniting the Green Giant US frozen and shelf-stable product lines under Seneca Foods for the brand's future [4] - Seneca Foods' president and CEO, Paul Palmby, noted that the Green Giant brand of frozen and shelf-stable products continues to expand [4] - B&G Foods is set to announce its fourth-quarter and full-year results, which will not yet reflect the broth and stocks business acquired from Del Monte Foods [5]