The Straits Times
Published on Feb 01, 2013

Unilever says Skippy peanut butter brand sold


THE HAGUE (AFP) - Dutch food and cosmetics giant Unilever said on Thursday it has sold its Skippy global peanut butter brand in a multi-million-dollar deal to US-based food maker Hormel, except for in China where the sale was awaiting approval from authorities.

"Unilever today (Thursday) completed the sale of its global Skippy business to Hormel Foods," the Rotterdam-based company said in a statement.

This excluded "the portion operated out of China, which remains subject to regulatory approval and is expected to close later this year," Unilever said.

Earlier this month the two companies announced the global deal worth US$700 million (S$862 million) which included the Skippy trademark and two manufacturing plants based in the United States and China.