Hormel Foods to acquire Skippy peanut butter business from Unilever for $700M Hormel Foods (HRL) has entered into a definitive agreement to acquire the Skippy peanut butter business from Unilever United States (UN, UL) of Englewood Cliffs, N.J. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the United States and other jurisdictions. 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 FY13. Full year accretion in FY14 is expected to be between 13c-17c per share.