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THOMASVILLE, Ga. - Flowers Foods Inc. has received antitrust approval for the $240 million sale of its Mrs. Smith's frozen-dessert business to Schwan Food Co., the company announced on Monday.
Flowers said it now expects to close the deal during its second quarter, which begins April 20.
In January, Flowers said it would use the sale proceeds to reduce its debt. It also said the sale of the Mrs. Smith's frozen-dessert assets will allow it to focus on its fresh-baked products, snack cake and frozen bread operations.
Flowers retains Mrs. Smith's bread and roll business, and reorganized Mrs. Smith's snack business as the Flowers Foods Snack Group last year. In December, the company closed the purchase of snack-cake company Bishop Baking from Kellogg Co. for an undisclosed cash payment.