Hormel Foods Corp, the maker of Spam canned ham, said it will acquire the Skippy peanut butter business from Unilever Plc for about $700 million to expand its non-meat business.The Skippy brand, launched in 1932, will modestly add to Hormel's fiscal 2013 results and add between 13 and 17 cents per share to 2014 earnings, the company said."(Skippy) allows us to grow our branded presence in the center of the store with a non-meat protein product and it reinforces our balanced portfolio," said Hormel Chief Executive Jeffrey Ettinger.The deal includes Unilever's Skippy manufacturing facilities in Little Rock, Arkansas and Weifang, China, Unilever said.
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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