Unilever (NYSE:UL) has agreed to sell its Culver Specialty Brands Division to B&G Foods (NYSE:BGS) for $325 million.
The unit includes Mrs. Dash seasoning blends, Molly McButter flavorings, Bakers Joy banking spray and Static Guard anti-static spray.
Unilever acquired Culver Brands as part of its Alberto Culver Company deal. The unit generated revenue of $90 million in the year ending September 30, 2011.
B&G chief executive David Wenner said adding the brands to his company's portfolio will enhance the company's already high margin structure, and will be immediately accretive to earnings per share and free cash flow.
The transaction is expected to close by the end of the year, pending regulatory approval.
B&G's current brands include B&M, Cream of Wheat, Emeril's, Ortega and Polaner. It competes with companies like J.M. Smucker (NYSE:SJM) and General Mills (NYSE:GIS).
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