Smucker acquired Sahale Snacks in 2014.

Acquisition will extend Smucker’s reach into new snack categories.

Fewer SKUs, broader distribution part of plan, CEO says.

Roark Capital focuses on investing in businesses with a franchise business model.

Spun-off company intends to make Pringles, Cheez-It, Rice Krispies Treats and Pop-Tarts global brands.

Carlos Abrams-Rivera will take over as leader of the company in 2024.

Company plans to spend between $450 million and $500 million to upgrade its manufacturing footprint.

Company lowered its outlook for fiscal 2023.

Management sees improved performance during the second half of the year.

Acquisition price is approximately $2.7 billion.