Unilever shares are stable in London this morning (January 4th) on news the manufacturing giant is selling Skippy peanut butter to Hormel Foods, which owns famous food brands including Spam.
Skippy has been on the market since 1932 and has annual sales of $370 million (£227 million). The $700 million deal will include all 11 Skippy varieties of the much-loved spread as well as Unilever's Skippy manufacturing plants in Little Rock in Arkansas and the Chinese province of Shandong.
Hormel Foods claims the peanut butter brand will "strengthen" its "global presence".
Commenting on the deal, president of Unilever North America Kees Kruythoff stated: "We believe that the potential of the Skippy brand can now be more fully realised with Hormel Foods."
At 09:25 GMT in London, shares in Unilever rose by 0.1 per cent to 2402.00p per unit, while last night Hormel Foods rose by 3.7 per cent on the New York Stock Exchange to $33.20 per share.
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