American shelf-stable and frozen foods supplier B&G Foods has entered into a deal to sell its manufacturing plant in Portland, ME as it prepares to relocate production of B&M, Underwood, and other brands to other company facilities and co-manufacturers.

The Parsippany, NJ-based firm agreed to sell the 13.5-acre property to the Institute for Digital Engineering and Life Sciences, B&G Foods said in an announcement Monday. Once the transaction is complete, the facility will be occupied by Northeastern University’s startup incubator The Roux Institute.

“The Portland community has been home to B&M for more than a century, and while this was a very difficult decision, we believe it is in the best interest for the future of Portland,” B&G Foods President and Chief Executive Officer Casey Keller said in a statement. “We are confident that The Roux Institute will build a new longstanding legacy on the property, one that will enrich Portland residents in new and exciting ways, and will ensure as a force for good in the community for generations to come.”

86 workers are impacted by the company’s decision. Severance packages and career transition support will be offered to the staff. B&G Foods said it will close the facility during the fourth quarter of 2021 or the first quarter of 2022. The sale of the property is expected to conclude before the end of the year.

B&G’s portfolio contains more than 50 food brands.