Conagra Brands sells Wesson brand for $285M to Smucker

Markets Associated Press

Conagra is selling Wesson oil for $285 million to the J.M. Smucker Company as it hones its focus on its strongest brands.

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CEO Sean Connolly said Tuesday that the sale is part of a reorganization that was undertaken after he was picked to lead Conagra in 2015.

Conagra moved its headquarters to Chicago from Omaha, Nebraska.

Smucker said Wesson is expected to add $230 million in sales and roughly $30 million in pretax earnings.

Conagra Brands will initially continue producing Wesson after the sale until the work moves to Smucker's existing oil manufacturing plant in Cincinnati, Ohio.