Hormel buys SkippyThis article was originally published in Foodnews
ANGLO–Dutch multinational consumer goods company, Unilever, is to sell its Skippy peanut butter business to Hormel Foods for USD706 million. The sale, which includes Skippy’s production facilities in Little Rock, the US and in Weifang, China could be finalised this month depending on regulatory approval. “Skippy is an iconic brand with a presence across the world,” said the president of Unilever in the US, Kees Kruythoff, adding that the multinational will continue to reduce its portfolio in order to achieve sustainable growth. Turnover of the Skippy brand, which is the second biggest peanut butter brand in the US after J.M. Smucker, is close to USD370 million per year.