Spam and Peanut Butter? Damn Skippy!

Hormel buys peanut butter giant from Unilever

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.

@Chris_Heine Christopher Heine is a New York-based editor and writer.