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Hormel Foods (HRL) Buys Skippy Peanut Butter from Unilever for $700M

January 3, 2013 7:31 AM EST Send to a Friend
Hormel Foods Corp. (NYSE: HRL) entered into a definitive agreement to acquire the Skippy peanut butter business from Unilever United States Inc. (NYSE: UL), of Englewood Cliffs, N.J.

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the United States and other jurisdictions.

Total annual sales 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. Hormel Foods expects this acquisition to be modestly accretive in fiscal 2013. Full year accretion in fiscal 2014 is expected to be between 13 and 17 cents per share.




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