- Hormel closed the deal to acquire all global production of Skippy peanut butter, except for China, from Unilever for $700 million.
- Chinese production is still being negotiated and Hormel plans to have that deal closed by the end of the year.
- Skippy brings in about $350 million annually in worldwide sales, making it one of the biggest and most profitable peanut butter brands on supermarket shelves.
From the article:
Hormel Foods Corporation has closed its acquisition of the US based Skippy peanut butter business from Unilever US. This closing includes the Little Rock, Ark, manufacturing facility and all sales worldwide, except sales in China. Hormel Foods expects to close the acquisition of the China based Skippy peanut butter business by the end of its fiscal year 2013. Hormel Foods to acquire Unilever's Skippy peanut butter line Total annual sales for the Skippy peanut butter business are expected to be approximately $370m, with nearly $100m of those sales outside the US.