J.M. Smucker will acquire P&G's Jif peanut butter brand and Crisco cooking oils. The merger of Jif peanut butter and Crisco shortening brands with Smucker, the largest strawberry jam manufacturer in the US, is a deal reported to have been two decades in the making, P&G's decision to spin the company off to its shareholders is a welcome improvement on its previously shaky commitment to exiting non-core businesses.