The J.M. Smucker Company has entered into a definitive agreement with Value Creation Partners Inc. of Columbus, Ohio, subject to regulatory approval, to sell its U.S. foodservice and bakery products businesses, as well as its Canadian locations operated under the Gourmet Baker name, acquired as part of the International Multifoods (Multifoods) acquisition.
The Multifoods foodservice and bakery products businesses consist of the manufacturing, marketing and distribution of baking mixes, frozen baked goods including muffins, cakes, doughs, as well as frostings, to restaurants, retail and wholesale bakers, and other commercial customers in the U.S. and Canada. The company expects the transaction to close by the middle of February 2005. The sale of this division will not have an impact on Smucker's remaining foodservice businesses in the U.S. and Canada.