(NEW YORK) — Skippy peanut butter is being sold to Hormel, the maker of SPAM, for about $700 million.
Skippy, which has been around since 1932, is currently owned by Unilever.
The brand has yearly global sales of more than $350 million.
“Skippy is an iconic brand with presence all around the world,” said Kees Kruythoff, president of Unilever North America. “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.”
Copyright 2013 ABC News Radio
John Newsome and Anne Woolsey, CNN