AUSTIN, Minn. (AP) -- Hormel Foods is buying the Skippy peanut butter product line from Unilever for approximately $700 million as it looks to strengthen its business overseas and branch out beyond its meat business that includes Spam.
Skippy, which debuted in 1932, has 11 varieties of peanut butter products. It is the leading brand in China and is sold in more than 30 other countries.
Total annual sales are expected to be about $370 million, with almost $100 million of that from outside the U.S.
Hormel Foods Corp. said Thursday that it expects the deal to modestly add to its fiscal 2013 results and add 13 cents to 17 cents per share to fiscal 2014 earnings.
The transaction still needs regulatory approval in the U.S. and other jurisdictions.
Tuesday, June 18 2013 2:57 PM EDT2013-06-18 18:57:05 GMT
Chrysler photo via AP
Chrysler said it has resolved its differences with the government and will recall older Jeep Grand Cherokee and Liberty SUVs that could be at risk of a fuel tank fire.
Chrysler said it has resolved its differences with the government and will recall older Jeep Grand Cherokee and Liberty SUVs that could be at risk of a fuel tank fire.
Tuesday, June 18 2013 12:20 PM EDT2013-06-18 16:20:04 GMT
The director of the National Security Agency said Tuesday the government's sweeping surveillance programs have foiled some 50 terrorist plots worldwide, including one directed at the New York Stock Exchange.
The director of the National Security Agency said Tuesday the government's sweeping surveillance programs have foiled some 50 terrorist plots worldwide, including one directed at the New York Stock Exchange.
Monday, June 17 2013 10:10 AM EDT2013-06-17 14:10:37 GMT
For the first time in seven years, most U.S. homebuilders are optimistic about home sales, a sign that construction could help drive stronger economic growth in coming months.
For the first time in seven years, most U.S. homebuilders are optimistic about home sales, a sign that construction could help drive stronger economic growth in coming months.
Saturday, June 15 2013 7:27 PM EDT2013-06-15 23:27:36 GMT
TRENTON, N.J. (AP) — Motorists are seeing stable prices at the pumps in New Jersey.AAA Mid-Atlantic says the average price of a gallon of regular gasoline in New Jersey on Friday was $3.40, the same price as last week. It's also the same price motorists were paying a year ago.The national average price also remained stable, coming in at $3.63 for the second straight week.
TRENTON, N.J. (AP) — Motorists are seeing stable prices at the pumps in New Jersey.AAA Mid-Atlantic says the average price of a gallon of regular gasoline in New Jersey on Friday was $3.40, the same price as last week. It's also the same price motorists were paying a year ago.The national average price also remained stable, coming in at $3.63 for the second straight week.
Friday, June 14 2013 12:14 PM EDT2013-06-14 16:14:45 GMT
Stocks are turning lower in midday trading on Wall Street at the end of a volatile week.The Dow Jones industrial average was down 67 points, or 0.5 percent, at 15,106 as of noon Eastern time Friday. The Dow had surged 180 points the day before.
Stocks are turning lower in midday trading on Wall Street at the end of a volatile week.The Dow Jones industrial average was down 67 points, or 0.5 percent, at 15,106 as of noon Eastern time Friday. The Dow had surged 180 points the day before.
