⁍ 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.

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⁍ The company is looking to exit the U.S. baking category.

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⁍ The deal also includes its oils and shortening business outside the United States.

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– J M Smucker is selling its Crisco baking business to B&G Foods in an all-cash deal valued at $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 US 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, reports Reuters.