Austin, Minn.-based Hormel Foods Corp., the maker of Spam canned ham, is acquiring the Skippy peanut butter line from Unilever for roughly $700 million, the Associated Press reports. The deal also includes Skippy manufacturing plants in Little Rock, Ark., and Weifang, China.
Skippy, the country's No. 2 peanut butter brand, has 11 varieties of products and is sold in more than 30 other countries.
“The acquisition of the Skippy 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 it reinforces our balanced portfolio,” Jeffrey M. Ettinger, Hormel's chairman of the board, president and chief executive officer, said in a news release. “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 family of products.”