Unilever sells peanut butter

City A.M. Reporter
HORMEL Foods has agreed to buy Skippy, the iconic US peanut butter brand, from Unilever for $700m (£435m), adding it to a portfolio that includes Spam canned meat.

The deal also gives Hormel, bigger global presence, including in markets such as China where Skippy is the leading peanut butter brand. Consumer goods conglomerate Unilever said in October it was selling the Skippy line, as it shifted its focus to higher-growth food brands.