January 03, 2013 at 13:30 PM EST
Hormel Gets Diversity, China Gateway With Skippy Buy
Spam and peanut butter may not appeal to sandwich lovers, but Hormel Foods (HRL) thinks the pairing will be tasty to investors. Hormel, known for its meat products including Spam canned pork, is buying the Skippy Peanut Butter business from U.K.-based Unilever (UL) for about $700 million. The deal enables Hormel to diversify into the $2 billion a year peanut butter market as it faces challenges in its flagship meat products line from rising feed
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