Conagra Brands, Inc. has entered into a definitive agreement with The J.M. Smucker Company to divest the Wesson oil brand.

The transaction is subject to customary closing conditions, including the receipt of any applicable regulatory approvals. The transaction is valued at approximately $285 million.

"We continue to reshape our portfolio and focus our resources on priorities that support Conagra's business strategy and drive value creation for shareholders," said Sean Connolly, president and chief executive officer of Conagra Brands. "We believe The J.M. Smucker Company will be a terrific steward of the Wesson brand."

Wesson product offerings including vegetable, canola, corn and blended oils.

Under the terms of the agreement, Conagra will continue to make the products sold under the Wesson brand and provide certain other transition services for up to one year following the close of the transaction.

Source: Conagra