Hormel Foods Corp agreed to purchase the iconic Skippy peanut butter brand from Unilever Plc for $700 million, adding the well-known kids lunch staple to a portfolio that includes Spam canned meat.The deal also helps Hormel, struggling with rising livestock feed costs, expand beyond meat products and gives it a bigger global presence, including in markets such as China where Skippy is the leading peanut butter brand.Consumer goods conglomerate Unilever said in October it was selling the Skippy line, as it shifted its focus to higher-growth food brands such as Knorr and Hellmann's, and fast-growing personal care products such as Dove, Lux and Rexona..Analysts, at the time, expected Skippy to fetch around $400 million.
Hormel Foods Corporation is primarily engaged in the production of a variety of meat and food products and the marketing of those products throughout the United States and internationally. Shares of HRL remained unchanged at $32.01. In the past year, the shares have traded as low as $27.28 and as high as $32.02. On average, 801677 shares of HRL exchange hands on a given day and today's volume is recorded at 0.
Unilever PLC (PLC), is a supplier of fast moving consumer goods. Shares of UL remained unchanged at $39.01. In the past year, the shares have traded as low as $30.85 and as high as $39.55. On average, 1204260 shares of UL exchange hands on a given day and today's volume is recorded at 0.
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