Conagara Brands Inc. (CAG) has agreed to sell the Wesson oil brand to J.M. Smucker Co. (NYSE: SJM) for $285 million. The deal comes as several consumer conglomerates are reshaping their portfolios through M&A.
Wesson produces vegetable, corn and canola oil. Smucker expects the acquisition to add about $230 million in annual net sales and around $30 million in Ebitda. The company says Wesson will complement Smucker's Crisco oil brand.