Spam, meet Skippy. Hormel Foods Corporation, maker of Spam canned meat, will pay $700 million to buy the Skippy peanut butter business of Unilever.
Skippy, which makes 11 different varieties of peanut butter, holds the second-largest share of the $2 billion U.S. peanut butter market, Hormel noted in its announcement of the deal. It is the best-selling peanut brand in China, which “should be a useful component to our sales strategy in China for the Spam family of products,” Hormel president and CEO Jeffrey Ettinger said.
