Smucker closes sale of five pet food brands & private label business to Post Holdings for ~$1.2B

J M SMUCKER Co

Total consideration ~$1.2B: $700M cash (subject to working capital adj.) + ~5.39M shares of Post Holdings.
Brands sold: Rachael Ray Nutrish, 9Lives, Kibbles 'n Bits, Nature's Recipe, Gravy Train and private label pet food.
Facilities transferred: Bloomsburg PA (mfg & distribution), Meadville PA and Lawrence KS (manufacturing).
Divestiture expected to dilute adjusted EPS by ~$0.45 on full-year basis; company plans to offset via buybacks, debt reduction, Transformation Office.
Further financial impact details for fiscal 2024 to be provided with Q4 FY2023 results in June.

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