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News Summary: Spam maker Hormel to buy Skippy
Thursday - 1/3/2013, 11:20am EST
(AP) - PEANUT BUTTER-BACON SANDWICH: Hormel Foods Corp. said Thursday that it's buying Skippy, the country's No. 2 peanut butter, for $700 million from Unilever.
SKIPPY ABROAD: The company, which makes Spam and other cured and deli meats, is hoping the peanut butter can help it expand in other markets. Skippy gets more than a quarter of its sales from international markets. Hormel gets about 4 percent of sales from overseas.
OUT OF THE JAR: In the U.S., Hormel CEO Jeffrey Ettinger said the company will try to "take Skippy out of the jar" and use it in other, less traditional ways.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)