B&G Foods sells B&M and Joan of Arc brands to McCall Farms

B&G Foods, Inc. (NYSE: BGS) has sold its B&M baked beans and brown bread brand and its Joan of Arc canned beans brand to McCall Farms, Inc., according to a press release from the Parsippany, New Jersey-based company.

The financial terms of the transaction were not disclosed. B&G Foods said it intends to use the net proceeds from the sale to repay long-term debt.

Robert D. Mills, President and Chief Executive Officer of B&G Foods, said the sale is "another step in our efforts to simplify our portfolio, focus on our core brands and strengthen our balance sheet."

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