Hormel Foods Corp agreed to purchase Skippy, the iconic U.S. 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.Hormel shares rose 6 percent to $33.82 - their highest ever - before easing a little to $33.37 in late morning trading on Thursday on the New York Stock Exchange.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..
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 traded higher by 3.91% or $1.25/share to $33.26. 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 1029160.
Unilever PLC (PLC), is a supplier of fast moving consumer goods. Shares of UL fell by 0.54% or $-0.21/share to $38.80. 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 162584.
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