PARSIPPANY, NJ. — B&G Foods has placed its frozen and canned vegetable businesses under strategic review and is evaluating a possible divestiture of some or all the assets, either in a single transaction or in a series of transactions.

“Green Giant remains a strong brand with broad awareness and distribution, and the frozen vegetables category is on trend with health and dietary trends,” said Casey Keller, president and chief executive officer, when B&G Foods gave first-quarter financial results May 8. “However, I believe the frozen vegetable business may not be the right fit with B&G Foods’ focus and capabilities, particularly since we have no plans to add more assets in the frozen portfolio given the opportunities in our core shelf-stable businesses and overall capital constraints.”

B&G Foods in 2015 acquired the Green Giant and Le Sueur brands of frozen and canned vegetables from General Mills, Inc. for about $765 million in cash. Recent B&G Foods’ divestitures include the Green Giant US canned vegetable business in November 2023 and Back to Nature in January 2023.

Parsippany-based B&G Foods this fiscal year began dividing financial results into four business units: specialty, meals, frozen and vegetables, and spicy and flavor solutions. The Green Giant and Le Sueur brands are in the frozen and vegetables unit, which had first-quarter sales of $105 million down 17% from $126 million in the previous year’s first quarter.

B&G Foods’ net sales overall in the first quarter declined 7% to $475 million from $512 million, primarily attributed to the divestiture of the Green Giant US shelf-stable business, a decrease in net pricing, the impact of product mix and a decrease in unit volume. The company suffered a net loss of $40 million, which compared to net income of $3.4 million, or 5¢ per share on the common stock, in the previous year’s first quarter.

Revisions for the full-year outlook included net sales in a range of $1.955 billion to $1.985 billion, down from $1.975 billion to $2.020 billion; adjusted EBITDA to a range of $300 million to $320 million, down from $305 million to $325 million; and adjusted diluted earnings per share to a range of 75¢ to 95¢, down from 80¢ to $1.