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J.M. Smucker Co. is cutting out the fat from its food holdings.
The Orrville company will sell its Crisco brand to the owner of Green Giant and other well-known food-related brands for $550 million in a cash deal, Smucker announced late Monday afternoon. The buyer is New Jersey-based B&G Foods Inc., which besides Green Giant owns more than 50 brands including Ortega, SnackWells, Weber, B&M, Emeril’s, Polaner and Cream of Wheat.
The divestiture of Crisco and related oils and shortening products is in line with Smucker’s previously announced goal of exiting the U.S. baking category to focus on pet food, coffee and snacks, the company said. The move impacts Crisco manufacturing and warehousing facilities in Cincinnati and about 160 employees, the company said in its news release.