Dive Summary:
- The Hormel Foods Corporation announced Thursday that it would pay $700 million to acquire Unilever'sSkippypeanut butter business.
- The acquisition would be the largest ever by Hormel, The New York Times reports.
- Skippyis currently the world's No. 2 peanut butter brand behind J.M.Smucker’sJif.
From the article:
".. Unilever, the British-Dutch food and consumer products giant, announced in October that it was considering sellingSkippy, the No. 2 peanut butter brand in the United States, behind J.M.Smucker’sJif.Skippyhas annual sales of roughly $370 million, with $100 million of that coming from outside the United States. It is the leading peanut butter brand in China. ..."
