B&G Foods completes Cream of Wheat buy |
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Mon, 26 Feb 2007 18:09
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PARSIPPANY, N.J. (AP) - B&G Foods Inc., which makes pickles and peppers, said Monday it finished buying the Cream of Wheat and Cream of Rice brands from Kraft Foods Inc. for $200 million.B&G Foods said it completed the all-cash deal using proceeds of an additional $205 million of term loan borrowings.The Cream of Wheat and Cream of Rice brands generated net sales of about $60 million in 2006, according to a B&G release.The Federal Trade Commission earlier this month approved the deal, which was announced last month.Shares of Kraft rose 7 cents to $33.33 in midday trading on the New York Stock Exchange, while B&G Foods added 8 cents to $22.57 on the American Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Kraft sells Cream of Wheat to B&G Foods 