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CINCINNATI– Procter & Gamble said today it has agreed to sell its Jif peanut butter and Crisco oil businesses to jam-manufacturer J.M. Smucker in an all-stock deal.
Under the terms of the agreement, which is structured to be tax-free to P&G investors, shareholders will receive one share of new Smucker stock in exchange for 50 shares of P&G.
Not unexpectedly, P&G announced it was shopping the two brands around this spring. P&G’s food portfolio now consists of Folgers and Millstone coffee, Sunny Delight drinks and Pringles potato chips–brands that had previously been moved into its now-defunct joint venture with Coca-Cola.
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