US group B&G Foods is selling its manufacturing plant in Portland as it aims to improve productivity and cut operating costs.

The company said it had reached agreement to sell its Maine facility and a 13.5-acre waterfront property to the Institute for Digital Engineering and Life Sciences.

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Production of the B&M and Underwood brands will be transferred to other B&G Foods’ plants and to third-party co-manufacturing facilities, it said in a statement without providing the agreed price under the transaction with the Institute.

“The Portland property will become the future home of The Roux Institute at Northeastern University on a campus that will include partner companies, housing and other amenities,” B&G Foods said. “The B&M manufacturing building will become the anchor of The Roux Campus, providing an incubator lab and office space for start-up companies.”

The 86 employees at the Portland facility will be offered severance and support in finding alternative employment. The sale of the plant is expected to be completed by the end of the year and the transition of manufacturing during the fourth quarter or the first three months of next year.

B&G Foods’ president and CEO Casey Keller added: “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 for 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.”