(Reuters) - J.M. Smucker said on Tuesday it would sell its cookie brand, Voortman, to U.S.-based premium snacks maker Second Name Brands in a $305 million all-cash deal.

The Jif peanut butter maker, which was exploring a sale of Voortman in July as reported by Reuters citing sources, said the divestiture is a part of its efforts to focus on its core growth brands including Cafe Bustelo and Uncrustables.

The transaction includes all Voortman trademarks and J.M. Smucker's leased manufacturing facility in Ontario, Canada, the company said, adding that about 300 employees would transition with the business.

Shares of the company were down about 2% in the morning trade amid broader market declines.

The Dunkin' coffee maker said it expects the divestiture would be dilutive to the company's adjusted earnings per share by about 25 cents on a full-year basis.

The company expects to use net proceeds from the transaction to pay down debt. The deal, expected to close in the third quarter of the fiscal year ending April 30, would contribute a full-year earnings per share of about 10 cents to Smucker.

Packaged food companies have been shedding their underperforming units to sharpen their focus on stronger brands as they respond to consumers switching to cheaper alternative to higher-margin brands.

"The divestiture ... will enable the execution of our Sweet Baked Snacks strategy through dedicated focus and ongoing investments in the Hostess brand," CEO Mark Smucker said in a statement.

Industry peer General Mills also announced a sale of its North American yogurt business on Sept. 12.

Goldman Sachs is J.M. Smucker's financial adviser on the deal.