OMAHA, Neb. — Conagra Brands is selling Wesson oil for $285 million to the J.M. Smucker Co. as it continues to reshape the company to focus on its strongest consumer brands.
Conagra and Smucker announced the Wesson deal Tuesday.
Conagra CEO Sean Connolly says the Wesson sale is part of the reorganization that he has overseen since taking over in 2015.
Conagra moved its headquarters to Chicago from Omaha, Nebraska, and unloaded its store brand and frozen potato businesses.
Smucker said Wesson is expected to add $230 million in sales and roughly $30 million in pretax earnings.
CEO Mark Smucker said Wesson will complement its Crisco brand nicely.
Conagra will initially continue producing Wesson after the sale until the work moves to Smucker’s existing oil manufacturing plant in Cincinnati, Ohio.
