Procter & Gamble is selling its Jif peanut butter and Crisco oil brands to jam maker JM Smucker.

The all-stock deal is expected to double Smucker’s annual sales to $1.3 billion.

The consumer goods giant put the businesses up for sale in the spring. “Jif and Crisco are strong US brands, but they’re no longer a strategic fit for P&G as we focus on building our big brands in core categories,” explained president and ceo Alan G Lafley.

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