CHICAGO – The owner of the Jolly Green Giant is adding spices to its pantry: ACH Food Cos. plans to sell its spice business to B&G Foods for $365 million in cash, the companies announced Wednesday.
The deal price is subject to a post-closing inventory adjustment.
ACH Foods, a subsidiary of British-based Associated British Foods headquartered in Chicago, is best-known as the maker of Argo Corn Starch and Mazola Corn Oil. Its spices and seasonings business includes the Spice Islands, Tone’s and Durkee brands. N.J.-based B&G produces Green Giant, Ortega, Cream of Wheat and other packaged foods.