J.M. Smucker sells Pillsbury Doughboy and other baking brands

J.M. Smucker  is selling off its U.S. baking business, which includes brands such as Pillsbury, Martha White and Hungry Jack, to private equity firm Brynwood Partners for $375 million.

The deal does not involve the baking business in Canada.

"The divestiture reflects our strategy to further focus our portfolio and develop a stronger presence in pet food, coffee, and snacking," Chief Executive Officer Mark Smucker said in a statement.

The company said the move will reduce adjusted earnings by 25 cents to 30 cents on a full-year basis.

The net impact would be only slightly dilutive to its fiscal 2019 adjusted earnings per share.

The business generated net sales of about $370 million for its fiscal year ended April 30.

The transaction is expected to close in the second quarter of the company's 2019 fiscal year.

Smucker in May completed its $1.9 billion acquisition of Rachael Ray Dog food maker Ainsworth Pet Nutrition.