JM Smucker’s search for balance, growth goes on

NEW YORK — J.M. Smucker is doing just about everything asked of it in trying to find areas of faster growth, while ditching some of the packaged foods that fewer people seemingly want.

It’s got a long way to go, however, as seen Tuesday in Wall Street’s humdrum reaction to the sale of some major brands this week such as Pillsbury.

A day after selling off its U.S. bakery division, shares of the company, off by 13 percent this year, closed down 1.6 percent.

J.M. Smucker Co., based in Orrville, about 20 miles from Akron, announced the $375 million sale of its U.S. baking business to subsidiaries of the private equity firm Brynwood Partners on Monday.

It has been a period of volatility for some of the country’s best known and long-established food producers.

Campbell Soup Co. parted ways with CEO Denise Morrison in May after posting a quarterly loss of $393 million and embarked on a strategic review of the company.

There have been changes in the top ranks of companies like General Mills Inc., Kellogg Co., Hershey Co. and Mondelez International Inc., all adapting to a shift in the way America eats — more fresh, less processing — while finding new revenue streams from areas of fast growth.

That includes crossing over into pet foods, where sales are booming.