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Hormel Foods to Acquire Skippy Peanut Butter from Unilever for $700M

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Hormel Foods Corporation (NYSE: HRL) today announced it has entered into
a definitive agreement to acquire the Skippy®
peanut butter business from Unilever United States Inc., of Englewood
Cliffs, N.J. The transaction is subject to customary closing conditions,
including the receipt of regulatory approvals in the United States and
other jurisdictions.

The Skippy® peanut butter domestic line
consists of 11 varieties of shelf-stable peanut butter products. The
brand, first introduced in 1932, holds the No. 2 share in this growing
center of the store category and is the leading brand in the faster
growing subcategory of natural peanut butter. Peanut butter is a $2
billion category with a 74 percent household penetration and is the

See full press release

Posted-In: News Guidance Contracts M&A

 

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