Hormel Foods buying Skippy for about $700 million - FOX 29 News Philadelphia | WTXF-TV

Hormel Foods buying Skippy for about $700 million

Posted: Updated:

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.

  • Your MoneyMore>>

  • Housing activists protest Airbnb

    Housing activists protest Airbnb

    Friday, September 12 2014 7:41 PM EDT2014-09-12 23:41:17 GMT
    You've probably seen Airbnb commercials extolling the benefits of homeowners renting out their houses or apartments to out-of-town guests for a fee. Sharing is caring feel-good commercials.But housing activists say Airbnb is reducing available housing in New York City's increasingly expensive and shrinking housing market. They argue Airbnb is pushing thousands of apartments toward use as illegal hotels instead of affordable housing.
    You've probably seen Airbnb commercials extolling the benefits of homeowners renting out their houses or apartments to out-of-town guests for a fee. Sharing is caring feel-good commercials.But housing activists say Airbnb is reducing available housing in New York City's increasingly expensive and shrinking housing market. They argue Airbnb is pushing thousands of apartments toward use as illegal hotels instead of affordable housing.
  • Robot workers are coming

    Robot workers are coming

    Friday, September 12 2014 7:13 PM EDT2014-09-12 23:13:15 GMT
    A life-sized looking and sounding robot named the RoboThespian is an interactive, alert machine powered by algorithms and codes -- a form of artificial intelligence. It's the sort of thing that would have sounded like science fiction a generation ago. These days, robots like this are used mostly in showrooms and for entertainment. But researcher Cadell Last of the Global Brain Institute says that these bots will have a much bigger role and will make up a major part of the workforce.
    A life-sized looking and sounding robot named the RoboThespian is an interactive, alert machine powered by algorithms and codes -- a form of artificial intelligence. It's the sort of thing that would have sounded like science fiction a generation ago. These days, robots like this are used mostly in showrooms and for entertainment. But researcher Cadell Last of the Global Brain Institute says that these bots will have a much bigger role and will make up a major part of the workforce.
  • Clothing for a cause

    Clothing for a cause

    Friday, September 12 2014 7:00 PM EDT2014-09-12 23:00:07 GMT
    Like millions of Americans, John Williams has been out of work for months. He has finally landed an interview for a customer service position. To make sure he gets the job, he is making sure to look his best, thanks to Suited for Work.Suited for Work is a program under FEGS, a nonprofit that's been around for 80 years. Since its inception, Suited for Work has outfitted more than 8,000 men with brand-new suits donated by manufacturers.
    Like millions of Americans, John Williams has been out of work for months. He has finally landed an interview for a customer service position. To make sure he gets the job, he is making sure to look his best, thanks to Suited for Work.Suited for Work is a program under FEGS, a nonprofit that's been around for 80 years. Since its inception, Suited for Work has outfitted more than 8,000 men with brand-new suits donated by manufacturers.
Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices