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Hormel Buys Skippy Peanut Butter Brand

(CNN) — Hormel Foods, the maker of Spam luncheon meat, is paying $700 million to buy the Skippy peanut butter brand from consumer products maker Unilever, the companies announced Thursday.

Skippy, first introduced in 1932, is the leading brand of peanut butter in China and the number two peanut butter brand overall.

The sale includes Skippy factories in Little Rock, Arkansas and China’s Shandong Province.

Hormel said the deal should add to earnings per share during its current fiscal year. It said it gives it a more balanced portfolio of products and should help its entry into the Chinese market.

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