“AUSTIN, Minn. (AP) — Hormel Foods apparently has a hankering for a peanut butter and bacon sandwich. The company primarily known for cured, smoked and deli meats said Thursday that it’s buying Skippy, the country’s No. 2 peanut butter brand, for about $700 million.
Skippy, which was introduced in 1932 and is a staple in American pantries, is intended to increase Hormel’s presence in the center of the supermarket where shelf-stable foods are sold. It also gives the Austin, Minn.-based company a clearer path for growth overseas; Skippy is sold in about 30 countries and is the leading peanut butter brand in China, where Hormel is also looking to expand its Spam line….”Twitter