P&G; Selling Duncan Hines Line to MBW
From Associated Press
Procter & Gamble Co. is selling its Duncan Hines line of baking mixes to the company that owns Mrs. Butterworth’s syrup and pancake mix and Log Cabin syrup.
Terms of the deal with Columbus, Ohio-based MBW Investors, which owns Aurora Foods Inc., were not disclosed Monday.
Duncan Hines was put on the block in August after company officials said it did not fit into their strategy of building market-leading food and beverage brands. P&G; sees potential in juice, coffee, snacks and Olean, its new calorie-free, fat-free cooking oil.
Cincinnati-based P&G;’s shares fell 44 cents to close at $80.19 on the New York Stock Exchange.
