Hormel Foods Corporation has entered into a definitive agreement to acquire SKIPPY®peanut butter business from Unilever United States, Inc. for approximately $700 million.

Hormel Foods Corporation (NYSE:HRL) has entered into a definitive agreement to acquire SKIPPY®peanut butter business from Unilever United States, Inc. for approximately $700 million on January 3, 2013. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the United States and other jurisdictions. On January 31, 2013, Hormel Foods Corporation completed the acquisition of Little Rock, Arkansas manufacturing facility and all sales worldwide, except sales in China.

The Hormel Foods Corporation expects to close the acquisition of the China based Skippy® peanut butter business by the end of its fiscal year 2013.