Welcome to our dedicated page for B&G Foods news (Ticker: BGS), a resource for investors and traders seeking the latest updates and insights on B&G Foods stock.
B&G Foods, Inc. (NYSE: BGS), based in Parsippany, New Jersey, is a prominent American manufacturer and distributor of a diverse range of high-quality, branded shelf-stable and frozen foods. The company's products are recognized across the United States, Canada, and Puerto Rico, catering to a broad spectrum of consumer tastes and preferences.
B&G Foods' extensive portfolio includes well-known brands such as Ac’cent, B&G, B&M, Baker’s Joy, Bear Creek Country Kitchens, Brer Rabbit, Canoleo, Cary’s, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Emeril’s, Grandma’s Molasses, J.J. Flats, Joan of Arc, Las Palmas, MacDonald’s, Mama Mary’s, Maple Grove Farms, Molly McButter, Mrs. Dash, New York Flatbreads, New York Style, Old London, Original Tings, Ortega, Pirate’s Booty, Polaner, Red Devil, Regina, Rickland Orchards, Sa-són, Sclafani, Smart Puffs, Spring Tree, Sugar Twin, Trappey’s, TrueNorth, Underwood, Vermont Maid, and Wright’s. Additionally, B&G Foods markets the household product brand, Static Guard.
In recent news, B&G Foods announced a significant partnership with the historic Four Sixes (6666) Ranch to introduce a new line of Four Sixes™ Seasonings, BBQ & Hot Sauces. This collaboration aims to bring the authentic flavors of the iconic 154-year-old ranch in Guthrie, Texas, to home cooks nationwide. The new product line, crafted with historical recipes from the ranch, is set to include over a dozen varieties of seasoning blends, BBQ sauces, and hot sauces. This venture highlights B&G Foods' commitment to delivering authentic and high-quality flavor solutions to its customers.
The company's financial condition remains robust, supported by its diversified product offerings and strategic partnerships. B&G Foods continues to focus on expanding its market presence and enhancing its brand portfolio to meet the evolving needs of consumers. For individuals seeking employment opportunities, B&G Foods provides career options at B&G Foods Careers.
B&G Foods, Inc. (NYSE: BGS) plans to release its fourth quarter and fiscal year 2020 financial results post-market on March 2, 2021. A conference call will occur at 4:30 p.m. ET that day, with Interim CEO David L. Wenner and CFO Bruce C. Wacha discussing the results. Investors can access the earnings release and live audio webcast on their investor relations website. B&G Foods, based in Parsippany, NJ, operates a vast portfolio of over 50 branded shelf-stable and frozen food items across North America.
B&G Foods has announced a voluntary recall of 5.37 oz. containers of Food Club Garlic Powder due to undeclared soy in bacon-flavored bits mistakenly included in the product. This affects garlic powder with best by dates of NOV 19 22 and NOV 20 22. The recall was initiated as a precautionary measure, and no allergic reactions have been reported. While the recalled products may pose a risk to individuals with soy allergies, there is no health risk for others. Consumers can return the product for a full refund.
B&G Foods, Inc. (NYSE: BGS) has successfully closed its credit agreement refinancing, which includes a $300 million add-on tranche B term loan facility. This facility was issued at 99% of its face value, bearing interest at LIBOR plus 2.50%, maturing on October 10, 2026. Additionally, the revolving credit facility was expanded from $700 million to $800 million, with an extended maturity to December 16, 2025. Proceeds from the add-on loans are being utilized to reduce revolving credit borrowings and cover related expenses.
B&G Foods announced plans to refinance existing revolving loans with additional tranche B term loans under its senior secured credit facility. The Company intends to increase the revolver capacity and extend its maturity date. Completion of the refinancing is subject to definitive agreements and market conditions, with no guarantee of its occurrence or specific terms.
B&G Foods manufactures and distributes shelf-stable and frozen foods across the U.S., Canada, and Puerto Rico, featuring over 50 well-known brands.
B&G Foods has completed the acquisition of Crisco from The J. M. Smucker Co. for $550 million in cash. This acquisition includes a manufacturing facility in Cincinnati, Ohio. B&G expects this deal to be immediately accretive to earnings per share and free cash flow. The projected annual net sales for the acquired business in 2021 are about $270 million with adjusted EBITDA between $65 million and $70 million. The acquisition is anticipated to yield around $75 million in tax benefits and a purchase price multiple of approximately 8.1 times adjusted EBITDA.
B&G Foods, Inc. (NYSE: BGS) announced a leadership change as Kenneth G. Romanzi steps down as President and CEO effective November 15, 2020. Romanzi is leaving to pursue personal interests, with David L. Wenner appointed as Interim President and CEO. The Board will search for a permanent replacement and has established a special committee to oversee the process. Despite the transition, B&G Foods reaffirmed its fiscal 2020 financial guidance and expects to close the pending Crisco acquisition in Q4 2020. Romanzi expressed pride in the company’s achievements during his tenure.
B&G Foods, Inc. (NYSE: BGS) has declared a quarterly cash dividend of $0.475 per share, payable on February 1, 2021 to shareholders on record as of December 31, 2020. This reflects a remarkable 6.6% annualized yield at the closing market price on October 27, 2020. The latest declaration marks the 65th consecutive quarterly dividend since the company's IPO in October 2004, demonstrating ongoing confidence in its financial stability and commitment to returning value to shareholders.
B&G Foods (NYSE: BGS) has announced an agreement to acquire the Crisco brand from The J.M. Smucker Co. for approximately $550 million. This deal includes a manufacturing facility in Cincinnati, Ohio, and is expected to close in Q4 2020, pending regulatory approvals. B&G Foods anticipates that the acquisition will add $270 million in annual net sales, with adjusted EBITDA between $65 million and $70 million. The purchase price multiple is approximately 8.1x adjusted EBITDA, or 7.0x when net tax benefits are considered.
B&G Foods, Inc. (NYSE: BGS) will release its third quarter 2020 financial results after market close on November 5, 2020. A conference call is scheduled at 4:30 p.m. ET on the same day, hosted by Kenneth G. Romanzi and Bruce C. Wacha. The earnings press release and a live audio webcast will be available on their investor relations website. Additionally, the company clarified its fiscal quarter calendar, noting a 14-week third quarter and a normal 13-week fourth quarter for fiscal 2020, due to a 53-week fiscal year.
B&G Foods has voluntarily recalled a limited number of 6 oz. Back to Nature Organic Rosemary & Olive Oil Stoneground Wheat Crackers due to a packaging error. The recall affects boxes with a “best by” date of APR 25, 2021, which may contain peanut butter cookies instead of the intended product. This poses a risk of allergic reactions to consumers with peanut allergies. No allergic reactions have been reported, and the recall is conducted in cooperation with the FDA. Consumers can return the recalled product for a full refund.
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