B&G Foods, which has grown through a series of acquisitions, is now adopting a markedly different strategy. The New Jersey-based company is actively reducing its portfolio to sharpen its focus and lower its overall debt. In 2023, B&G sold its Green Giant canned business to Seneca Foods and the snacks brand Back to Nature to Barilla a year earlier. Furthermore, the company is considering divesting the Green Giant frozen business.
Among the more than 50 brands in B&G’s portfolio, which includes names like Ortega, Cream of Wheat, and Crisco, Don Pepino and Sclafani represent smaller offerings. These brands produce sauces and tomato products, facing tough competition from both established brand names and private-label products. This competitive environment is expected to persist, especially as inflation-conscious consumers seek to cut back on spending wherever possible.
During the company’s first-quarter earnings call, CEO Casey Keller emphasized that reshaping B&G’s portfolio is “a very high priority for the company and critical to our future strategic direction and risk profile.” The CEO aims to create “a more highly focused B&G” that can serve as a foundation for mergers and acquisitions in its core business areas, particularly in spices and seasonings, Mexican meal preparation, and baking essentials.
As B&G looks to streamline operations, it may also explore opportunities in health-related products, such as those containing cvs calcium citrate d3, which could align with shifting consumer preferences towards health and wellness. By integrating such offerings, B&G could further enhance its market position and appeal to a broader audience, while ensuring that its core business remains robust and competitive.