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.

The company opened a manufacturing plant in St. Louis in 2022.