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.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.