Unilever agrees to sell global Skippy business to Hormel Foods
ENGLEWOOD CLIFFS, N.J. – Unilever today announced that it has signed a definitive agreement for the sale of its global Skippy business to Hormel Foods for a total cash consideration of approximately $700 million.
The transaction includes Unilever’s Skippy manufacturing facilities in Little Rock, Ark, and Weifang, China (located in the Shandong province).
Kees Kruythoff, president of Unilever North America, said: “Skippy is an iconic brand with presence all around the world. As we continue to sharpen our portfolio to deliver sustainable growth for Unilever, we believe that the potential of the Skippy brand can now be more fully realized with Hormel Foods.”
Skippy's annual turnover is approximately $370 million. The transaction, subject to regulatory approval and customary closing conditions, is expected to close early in 2013.
Unilever is one of the world’s leading suppliers of Food, Home and Personal Care products with sales in over 190 countries. Our products are present in 7 out of 10 homes globally and are used by over 2 billion people on a daily basis. We work with 171,000 colleagues around the world and we are on track to generate annual sales of over €50 billion in 2012.
Over half of our company’s footprint is in the faster growing developing and emerging markets (56% in 2011). Working to create a better future every day, we help people feel good, look good and get more out of life. Our portfolio includes some of the world’s best known brands such as Knorr, Persil/Omo, Dove, Sunsilk, Hellmann’s, Lipton, Rexona / Sure, Wall’s, Lux, Rama, Ponds and Axe.
Our ambition is to double the size of our business, whilst reducing our overall environmental footprint (including sourcing, consumer use and disposal) and increasing our positive social impact. We are committed to helping more than a billion people take action to improve their health and well-being, sourcing all our agricultural raw materials sustainably by 2020, and decoupling our growth from our environmental impact. Supporting our three big goals are more than 50 time-based targets. See more on the Unilever Sustainable Living Plan at www.unilever.com/sustainable-living.
Unilever has been recognised in the Dow Jones Sustainability World Indexes for 14 consecutive years. We are included in the FTSE4Good Index Series and attained a top environmental score of 5, leading to inclusion in the FTSE4Good Environmental Leaders Europe 40 Index. In 2011 Unilever led the Climate Counts Company Scorecard and for the second year topped the list of Global Corporate Sustainability Leaders in the GlobeScan /SustainAbility latest annual survey (2012). The company is an employer of choice in many of the countries in which it operates and is seen as a symbol for innovation and leadership development.
For more information about Unilever and its brands, please visit www.unilever.com.
About Hormel Foods:
Hormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring branded, value-added products to the global marketplace.
The company is a member of the Standard & Poor's (S&P) 500 Index, S&P Dividend Aristocrats for 2012, Maplecroft Climate Innovation Indexes, Global 1000 Sustainable Performance Leaders and was again named one of "The 100 Best Corporate Citizens” by Corporate Responsibility Magazine for the fourth year in a row. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value. For more information, visit http://www.hormelfoods.com.
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