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.
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