Hormel Foods is buying Skippy, the country's number two peanut butter brand, from Unilever for about $700 million. Skippy debuted on the market in 1932 and is a staple in American pantries. Hormel says it hopes the brand will boost its presence in the center aisles of the supermarket, where shelf-stable foods are sold. It also gives the company a clearer path for growth overseas, where Hormel is also looking to expand its Spam line, reports The Associated Press.
