Anglo-Dutch consumer goods group Unilever (LON:ULVR; AMS:UNA) said it had wrapped up the sale of its Skippy peanut butter brand outside China to US Hormel Foods Corp (NYSE:HRL).
The sale of Skippy business located in China will be completed later in 2013, once it secures the needed regulatory clearance, Unilever said.
The parties agreed the USD700m (EUR514m) cash deal for Unilever’s entire global Skippy business on 3 January, when the Anglo-Dutch group said it was restructuring its portfolio to ensure the group’s growth. The Skippy business will be more fully realised under the ownership of Hormel, Unilever has said.
The global unit, comprising manufacturing facilities in Little Rock, Arkansas, and Weifang, China, makes annual revenues of USD370m.