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B&G Foods is purchasing J.M. Smucker's Crisco shortening unit for roughly $550 million, as J.M. Smucker continues to shift its focus to snacks, pet food and coffee products, according to CEO Mark Smucker. B&G CEO Kennet Romanzi stated, "Crisco is an excellent complement to our existing portfolio of brands," and the acquisition aligns with the company's "strategy of targeting well-established brands with defensible market positions and strong cash flow at reasonable purchase price multiples."

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