B&G Foods Sells B&M Brand Of Baked Beans And Brown Bread And Joan Of Arc Brand Of Kidney, Chili And Other Canned Beans To Mccall Farms; Terms Undisclosed

B&G Foods, Inc. (NYSE:BGS) announced today that it has sold the B&M brand of baked beans and brown bread and the Joan of Arc brandof kidney, chili and other canned beans to McCall Farms, Inc.

"The sale of the B&M and Joan of Arc brands is another step in our efforts to simplify our portfolio, focus on our core brands and strengthen our balance sheet," said Robert D. Mills, President and Chief Executive Officer of B&G Foods. "We remain focused on taking actions that support profitable growth and reduce leverage. We believe McCall Farms is the right owner for these brands going forward."

B&G Foods intends to use the net proceeds from the sale to repay long-term debt.

The terms of the transaction were not disclosed.