Spam owner buys Skippy peanut butter for $700 million
January 4 , 2013
The American makers of Spam have bought the peanut butter brand Skippy for $700 million.
Hormel Foods acquired the brand from Dutch food giant Unilever.
The company said on Thursday that Skippy's 11 varieties of peanut butter would "strengthen our global presence and should be a useful complement to our sales strategy in China for the Spam family of products".
Skippy was set up in 1932 and boasts annual sales of $370 million.
The deal includes Unilever's Skippy manufacturing facilities in Little Rock, Arkansas as well as in China’s Shandong province.
Kees Kruythoff, president of Unilever North America, said: "Skippy is an iconic brand with presence all around the world. As we continue to sharpen our portfolio to deliver sustainable growth for Unilever, we believe that the potential of the Skippy brand can now be more fully realized with Hormel Foods."
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