The J.M. Smucker Company plans to sell its Crisco oils and shortening line to B&G Foods for $550 million.
The transaction, expected to close in the company's third quarter pending regulatory and other approvals, includes Smucker's oils and shortening business primarily in Canada.
“Crisco is an iconic brand that is beloved by consumers, and the business has been a solid contributor to our financial performance,” states Mark Smucker, president and chief executive officer, in a press release. “However, our strategic priorities include an increased focus and allocation of resources toward pet food and pet snacks, coffee and snacking to maintain momentum in these categories.”
B&G Foods Inc. owns more than 50 well-known brands, including Green Giant and Cream of Wheat.