The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the United States and other jurisdictions.
The Skippy peanut butter domestic line consists of 11 varieties of shelf-stable peanut butter products.
Total annual sales are expected to be approximately $370m, with nearly $100m of those sales outside the United States. The purchase price is approximately $700m.
Hormel Foods expects this acquisition to be modestly accretive in fiscal 2013.
Source: Hormel Foods
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