Skippy peanut butter to be bought by Hormel Foods - WRCBtv.com | Chattanooga News, Weather & Sports

Skippy peanut butter to be bought by Hormel Foods

Posted: Updated:

AUSTIN, MN (AP) -- Hormel Foods is buying the Skippy peanut butter product line from Unilever for approximately $700 million as it looks to strengthen its business overseas and branch out beyond its meat business that includes Spam.

Skippy, which debuted in 1932, has 11 varieties of peanut butter products. It is the leading brand in China and is sold in more than 30 other countries.

Total annual sales are expected to be about $370 million, with almost $100 million of that from outside the U.S.

Hormel Foods Corp. said Thursday that it expects the deal to modestly add to its fiscal 2013 results and add 13 cents to 17 cents per share to fiscal 2014 earnings.

The transaction still needs regulatory approval in the U.S. and other jurisdictions.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • NewsMore>>

  • #FNF3 Scoreboard Week-0, Aug. 22 with FNF Show highlights

    #FNF3 Scoreboard Week-0, Aug. 22 with FNF Show highlights

    Saturday, August 23 2014 1:33 AM EDT2014-08-23 05:33:58 GMT
    Channel 3's Friday Night Football is back in its 30th year! #FNF3More
    Channel 3's Friday Night Football is back in its 30th year! #FNF3More
  • Supt. Smith gets above average report card from School Board

    Supt. Smith gets above average report card from School Board

    Friday, August 22 2014 11:33 PM EDT2014-08-23 03:33:12 GMT
    Rick SmithRick Smith
    For the third straight year, Hamilton County School Board members have given their Superintendent an "above average" report card. According to scores released by Board Chairman Mike Evatt, Smith ranks highly for his choice of attire, his personal ethics, and communicating with his staff and the public. At the lower end of the scale, Board members said Smith needs to improve on keeping them informed of personnel moves, clarifying his goals, and negotiating contract details with teachers. On a ...More
    For the third straight year, Hamilton County School Board members have given their Superintendent an "above average" report card. According to scores released by Board Chairman Mike Evatt, Smith ranks highly for his choice of attire, his personal ethics, and communicating with his staff and the public. At the lower end of the scale, Board members said Smith needs to improve on keeping them informed of personnel moves, clarifying his goals, and negotiating contract details with teachers. On a ...More
  • Person shot on Walker Avenue

    Person shot on Walker Avenue

    Friday, August 22 2014 11:22 PM EDT2014-08-23 03:22:53 GMT
    Chattanooga Police are investigating a shooting on Walker Avenue.More
    Chattanooga Police are investigating a shooting on Walker Avenue.
    More
Powered by WorldNow
Can't find what you're looking for?

WRCB-TV
900 Whitehall Road
Chattanooga, TN 37405
(423) 267-5412

WRCB Jobs EEO | FCC Public Files

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WRCB. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.