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B&G Foods Inc. will sell its Portland, Maine manufacturing facility and 13.5-acre waterfront property to the Institute for Digital Engineering and Life Sciences, the company announced Aug. 31.

Parsippany-based B&G Foods will move manufacturing operations of B&M, Underwood and other brands to third-party co-manufacturing facilities and existing B&G Foods manufacturing facilities.

The closing of the 100-plus-year-old Portland manufacturing facility is consistent with B&G Foods’ ongoing efforts to improve productivity and reduce overall costs.

The Portland property will become the future home of The Roux Institute at Northeastern University, which will include partner companies, housing and other amenities. The B&M building will become the anchor of The Roux Campus as an incubator lab and office space for startup companies.

Development of the campus will occur over the next decade or more, and will include coastal restoration to open waterfront areas to the public.

“The Portland community has been the 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 of the future of Portland. We are confident 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 endure as a force for good in the community for generations to come,” said Casey Keller, president and chief executive officer of B&G Foods, in a prepared statement. “We are grateful for the dedication of each of our employees and we are committed to supporting their transition with financial support and assistance finding new employment.”

The Portland facility employs approximately 86 people to whom B&G Foods will offer severance and career transition support. The Roux Institute also plans to support them through its portfolio of capabilities including career connections with Maine employers, educational opportunities with academic partners, and possible student pathways into Northeastern University and The Roux Institute, itself.

The transition of manufacturing operations is expected to be completed during the fourth quarter of 2021 or the first quarter of 2022

The sale is subject to customary closing conditions and is expected to close by year-end. Financial terms were not disclosed.