J.M. Smucker sells Pillsbury Doughboy in $375M move

July 10 (UPI) -- J.M. Smucker is divesting the Pillsbury Doughboy and other baking brands in a $375 million move to focus more on other niche products, the company said.

The company, known for Smucker's jam, Jif peanut butter and Folgers coffee, said Pillsbury baking brands, Hungry Jack, Martha White, White Lily and Jim Dandy will be sold to private equity firm Brynwood Partners.

Smucker's, which started more than 120 years ago, also houses brands like Dunkin' Donuts, Crisco, Café Bustelo and pet foods Rachael Ray Nutrish, Meow Mix and Kibbles 'n Bits.

"While the decision to divest these brands was difficult, it underscores our commitment to allocating resources toward those areas of the business critical to our growth," said CEO Mark Smucker.

To attain the baking brands, Brynwood Partners created Hometown Food Company, which will be headquartered in Chicago and operate out of a Toledo, Ohio, facility.

Henk Hartong III, chairman and CEO of Brynwood Partners, said the acquisition is largest in the company's 34-year history.

"The iconic portfolio of brands and the company's strong Mid-Western manufacturing footprint will provide us with a solid platform to invest in and to grow," Hartong said. "We are excited to bring focus and energy to this great business and to build these brands that generations of families have loved through the years."