News Summary: Spam maker Hormel to buy Skippy

AP News
Posted: Jan 03, 2013 11:37 AM

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.