The JM Smucker Company has signed an agreement to divest its US baking business to private equity firm Brynwood Partners in a deal valued at USD 375 m. The US manufacturer of fruit spreads, ice cream toppings, beverages, shortening, peanut butter and oils says the deal is part of an initiative to reshape the company portfolio and strengthen its focus on coffee, snacking and pet food.

Earlier this year, JM Smucker had already signalled its intention to sell off the US baking business when it acquired Ainsworth Pet Nutrition, LLC in a transaction valued at approximately USD 1.7 bn, after an estimated tax benefit of USD 200 m.

The transaction primarily encompasses products sold in US retail channels under the Pillsbury, Martha White, Hungry Jack, White Lily, and Jim Dandy brands, along with all relevant trademarks and licensing agreements and the company’s manufacturing facility in Toledo/Ohio.