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Hormel Foods Corp. said today that it would buy Skippy—second only to peanut butter rival Jif in the U.S. while standing No. 1 in China—from Unilever for around $700 million. Austin, Minn.-based Hormel cited a $2 billion peanut butter market with a 74 percent household penetration in the U.S. as the primary strengths of the purchase.
Jeffrey M. Ettinger, Hormel's chief executive, also suggested Skippy would help round out his company's line of products and, interestingly, work well in accompaniment of Spam, in particular.
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