Hormel Foods (HRL) Closes $700M Skippy Peanut Butter Acquisition (UL)
Tweet Send to a FriendGet Alerts HRL Hot Sheet
Price: $41.26 -2.69%
Overall Analyst Rating:
NEUTRAL (
Up)
Dividend Yield: 1.6%
Revenue Growth %: +5.4%
Overall Analyst Rating:
NEUTRAL (
Up)Dividend Yield: 1.6%
Revenue Growth %: +5.4%
Trade HRL Now!
Hormel Foods Corp. (NYSE: HRL) announced the closing of its acquisition of the United States based Skippy peanut butter business from Unilever (NYSE: UL) United States Inc., of Englewood Cliffs, N.J. This closing includes the Little Rock, Ark., manufacturing facility and all sales worldwide, except sales in China. Hormel Foods expects to close the acquisition of the China based Skippy® peanut butter business by the end of its fiscal year 2013.
Total annual sales for the Skippy peanut butter business are expected to be approximately $370 million, with nearly $100 million of those sales outside the United States. The purchase price is approximately $700 million.
The Skippy® peanut butter domestic line consists of 11 varieties of shelf-stable peanut butter products. The brand, first introduced in 1932, holds the No. 2 share in this growing center-of-the-store category and is the leading brand in the faster growing subcategory of natural peanut butter. Peanut butter is a $2 billion category with a 74 percent household penetration and is the second most popular sandwich behind ham in the United States.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Total annual sales for the Skippy peanut butter business are expected to be approximately $370 million, with nearly $100 million of those sales outside the United States. The purchase price is approximately $700 million.
The Skippy® peanut butter domestic line consists of 11 varieties of shelf-stable peanut butter products. The brand, first introduced in 1932, holds the No. 2 share in this growing center-of-the-store category and is the leading brand in the faster growing subcategory of natural peanut butter. Peanut butter is a $2 billion category with a 74 percent household penetration and is the second most popular sandwich behind ham in the United States.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Hormel Foods Corp. (HRL) Misses Q1 EPS by 3c; Maintains Outlook
- Annaly (NLY) Completes CreXus Acquisition; Will Operate Under 'Annaly Commercial Real Estate Group'
- DISH Network (DISH) Remains Concerned Over National Security Interests in SoftBank/Sprint Deal
Create E-mail Alert Related Categories
Corporate News, Mergers and Acquisitions
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
