J.M. Smucker will sell its Crisco business to B&G Foods in an all-cash deal valued at about $550 million, as it focuses on pet food, coffee and snacks, the companies said. Smucker, which is looking to exit the U.S. baking category, said the deal also includes its oils and shortening business outside of the United States.

The Orrville, Ohio-based company, known for its jelly and beverages, expects the divestiture to cut its annual adjusted earnings per share by 45 cents to 55 cents.

"Crisco is an excellent complement to our existing portfolio of brands," and the acquisition aligns with the company's "strategy of targeting well-established brands with defensible market positions and strong cash flow at reasonable purchase price multiples," said B&G CEO Kennet Romanzi.