NEW YORK (Reuters) - Peanut butter and jelly maker J.M. Smucker Co (SJM.N: Quote, Profile, Research) said on Tuesday it acquired ConAgra Foods Inc's (CAG.N: Quote, Profile, Research) Knott's Berry Farm food brand for an undisclosed amount.

The maker of Jif peanut butter and Smucker's jelly said the deal with Knott's Berry Farm, which makes jams, jellies, preserves and gift boxes, is expected to add about $40 million in annual net sales.

The deal does not include the unit's amusement park.

"Knott's Berry farm is a well recognized brand ... completing our existing line of fruit spreads and offering our consumers additional choices," said Vincent Byrd, senior vice president of the consumer market division at Smucker.

ConAgra Chief Executive Gary Rodkin said: "Knott's Berry Farm is a very good brand, but given our priorities, we simply could not give it the attention it needs to grow."

ConAgra, whose brands include Healthy Choice meals and Chef Boyardee pasta, said the deal does not affect its previously announced expected sales and profit growth for full-year 2009.

The company in April said it expected earnings of at least $1.55 a share in 2009 and a projection for at least 4 percent sales increases and earnings per share increases of 8 percent to 10 percent in the near and long terms.

ConAgra in March also said it would sell its commodity trading and merchandising operations in a $2.1 billion deal to focus on its core food businesses and to repurchase shares.

(Editing by Andre Grenon)