Crisco, a brand of cooking fats that includes the leading U.S. name in shortening, is being sold by J.M Smucker Co. to B&G Foods.
The sale, for about $550 million, comprises the full line of Crisco products, including shortening, vegetable oils and cooking sprays. It includes a production facility in Cincinnati with 160 employees, whose jobs will transfer over. The deal is expected to close in the third quarter of Smucker’s 2021 fiscal year.
Crisco had $270 million in sales in the last fiscal year, according to Smucker. B&G expects business to be solid, with more consumers baking while stuck at home during the pandemic.
“Crisco is an excellent complement to our existing portfolio of brands, including our Clabber Girl and other baking powder brands,” Kenneth Romanzi, CEO of B&G Foods, said in a statement.
CEO Mark Smucker said that, while Crisco was an iconic brand for his company, its strategy going forward is to concentrate on coffee, snacks and pet food.
