US-based food producer JM Smucker has signed an agreement to acquire oil brand Wesson from Conagra Brands, in an all-cash transaction worth about $285 million.
Under the new agreement, Conagra Brands will remain as the producer of the Wesson branded products and provide certain other transition services for up to one year. After this point, production will move into Smucker’s existing oil manufacturing facility in Cincinnati, OH, USA.
“By allowing us to more efficiently use existing supply chain and go-to-market resources, this acquisition will lead to significant cost savings that can further fuel growth and innovation opportunities across the Company”, said Mark Smucker, JM Smucker CEO.
Source: JM Smucker (via PR Newswire)