Skip navigation

Hormel to Acquire Skippy Peanut Butter

AUSTIN, Minn. — Hormel Foods Corp. has entered into a definitive agreement to acquire the Skippy peanut butter business from Unilever, Englewood Cliffs, N.J., for $700 million.

The Skippy peanut butter domestic line consists of 11 varieties of shelf-stable peanut butter products. Total annual sales are expected to be about $370 million, with nearly $100 million of those sales outside the United States.

"The acquisition of the Skippy peanut butter business represents a significant opportunity for Hormel Foods,” Jeffrey Ettinger, Hormel’s chairman of the board, president and chief executive officer, said in a statement. “It allows us to grow our branded presence in the center of the store with a non-meat protein product and it reinforces our balanced portfolio."

Hormel is best known for its Spam canned luncheon meat.

The transaction is subject to regulatory approvals.

Suggested Categories More from Supermarketnews

 

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish