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J M Smucker to sell Crisco business in $550 mln cash deal

Credit: REUTERS/BRENDAN MCDERMID

J M Smucker will sell its Crisco business to peer B&G Foods in an all-cash deal valued at about $550 million, as it focuses on pet food, coffee and snacks, the companies said on Monday.

Oct 26 (Reuters) - J M Smucker SJM.N will sell its Crisco business to peer B&G Foods BGS.N in an all-cash deal valued at about $550 million, as it focuses on pet food, coffee and snacks, the companies said on Monday.

J M Smucker, which is looking to exit the U.S. baking category, said the deal also includes its oils and shortening business outside the United States.

The Orrville, Ohio-based company, known for its jelly and beverages, expects the divestiture to cut its annual adjusted earnings per share by 45 cents to 55 cents.

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Vinay Dwivedi)

((Arundhati.Sarkar@thomsonreuters.com; twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))

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