e-News
|
|
Hormel to buy Skippy from Unilever |
01.04.2013
|
Hormel Foods Corporation announced that it will acquire the Skippy(r) peanut butter business from Unilever United States Inc., for approximately $700 million.
"The acquisition of the Skippy(r) peanut butter business represents a significant opportunity for Hormel Foods. It allows us to grow our branded presence in the center of the store with a non-meat protein product and reinforces our balanced portfolio," said Jeffrey M. Ettinger, Chairman, President and CEO at Hormel Foods. "The fast growing international line will also strengthen our global presence, and should be a useful complement to our sales strategy in China for the SPAM(r) family of products."
STORY CONTINUES BELOWAdvertisement
Skippy is the leading brand in China and sold in more than 30 other countries. Domestically, the brand leads the faster-growing subcategory of natural peanut butter, and holds the No. 2 share in the overall category. Peanut butter is a $2 billion category with a 74 percent household penetration and is the second most popular sandwich behind ham in the United States.
|
|
|
