(Reuters) – J.M. Smucker Co (SJM.N) is considering a sale of its baking brands, including Pillsbury, Bloomberg reported on Thursday, citing people familiar with the matter.
The unit, which also includes the Robin Hood flour and cereal brand and Martha White baking mixes, could fetch as much as $700 million, Bloomberg reported, citing one of the sources.
A final decision to pursue a sale has not been made and Smucker may keep the unit, sources told Bloomberg.
Smucker acquired Pillsbury as part of its deal to buy International Multifoods Corp in 2004. The segment contributed to a decline in net sales in its U.S. retail consumer foods business in the third quarter, the company said in February.
The company said on Tuesday it would abandon its plan to acquire Conagra Brand Inc’s Wesson Oil brand after the U.S. Federal Trade Commission had moved to block the deal arguing it would likely lessen competition and violate anti-trust law.
J.M. Smucker did not respond to a request for comment outside business hours.