J.M. Smucker Co. closed on the $375 million sale of its baking business to Brynwood Parters, a deal that includes a licensing pact with General Mills for the Pillsbury brand. Other brands being sold to Brynwood include Martha White (corn bread, muffin mixes), Hungry Jack (potato mix), White Lily (flour) and Jim Dandy (grits). Smucker’s baking business generate revenue of $370 million in the year ended in April. Smucker acquired the Pillsbury license in buying International Multifood Corp. for $840 million in 2004.

Contacts:

Byrnwood Partners, Hendrik Hartom, CEO, 203-622-1790

J.M. Smucker, Tina Floyd, VP Marketing Consumer Foods, 330-682-3000