News Summary: Spam maker Hormel to buy Skippy

Thursday - 1/3/2013, 11:20am EST

By The Associated Press

(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.

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