05:42 PM EST, 12/02/2024 (MT Newswires) -- JM Smucker (SJM) said late Monday it has completed the sale of its Voortman condiments and snack business to Second Nature Brands for $305 million in cash, subject to a working capital adjustment, and lowered its net sales guidance for fiscal year 2025.

The deal included all Voortman trademarks and JM Smucker's manufacturing facility leased in Burlington, Ontario. The unit's 300 employees also are expected to transition with the divested business, the company said.

JM Smucker said it now expects fiscal 2025 net sales growth of 7.5% to 8.5%, compared with its prior forecast looking for an 8.5% to 9.5% increase, to reflect the impact of the divested business.

The company said it maintained the rest of its previous fiscal 2025 guidance, including adjusted earnings per share.