US: Hormel acquires Unilever's Skippy businesses
Hormel acquires Skippy
Unilever, which announced it was "considering options" for Skippy in October, announced this afternoon it has reached an agreement to sell Skippy as it looks to "sharpen" its global portfolio.
"As we continue to sharpen our portfolio to deliver sustainable growth for Unilever, we believe that the potential of the Skippy brand can now be more fully realised with Hormel Foods," Kees Kruythoff, president of Unilever North America, said.
The news looks set to reignite ongoing speculation that Unilever could be pulling back from its food portfolio in order to focus on its faster growing personal care business.
The transaction includes Skippy manufacturing facilities in Little Rock, Ark, and Weifang, China. Skippy generates annual turnover of around $370m and the deal is expected to close early this year.
Unilever Agrees to Sell Global Skippy Business to Hormel Foods03/01/2013ENGLEWOOD CLIFFS, N.J. - Jan. 3, 2013 - Unilever today announced that it has signed a definitive agreement for the sale of its global Skippy business to Hormel Foods for a total cash consideration of approximately $700 million.
The transaction includes Unilever's Skippy manufacturing facilities in Little Rock, Ark, and Weifang, China (located in the Shandong province).Kees Kruythoff, president of Unilever North America, said: "Skippy is an iconic brand with presence all around the world. As we continue to sharpen our portfolio to deliver sustainable growth for Unilever, we believe that the potential of the Skippy brand can now be more fully realized with Hormel Foods."Skippy's annual turnover is approximately $370 million. The transaction, subject to regulatory approval and customary closing conditions, is expected to close early in 2013.
Original source: Unilever
Unilever is diversifying its operations into emerging markets, particularly Asia Pacific and Latin America, but there is still significant room for growth in these regions. Rising obesity levels, alon...
Front-of-pack nutrition labels. It is a divisive subject that can turn those on both sides of the debate a nice shade of red....
The report presents detailed data on consumption trends in the Syrups category in India, analyzing consumption volumes and values. It also provides indispensable data on distribution channels, profile...
The report presents detailed data on consumption trends in the Jams, Jellies & Preserves category in India, analyzing consumption volumes and values at segment level. It also provides indispensable da...
- Focus: Danone CEO Faber puts stamp on business
- Cleaning up Tesco will have mixed supplier impact
- General Mills US "priority" categories gain share
- The just-food interview: Doux CEO Arnaud Marion
- Interview part 2: BRF CFO Augusto Ribeiro
- General Mills outlines "aggressive" NPD drive
- Coles supplier payments broke competition law
- General Mills earnings drop one-third
- Kraft to reappraise business, says new CEO Cahill
- PepsiCo opens snacks plant in Saudi Arabia