Hormel Foods Corp. apparently has a hankering for a peanut butter and bacon sandwich. The Austin, Minn.-based company, known primarily for Spam and other cured, smoked and deli meats, recently said it's buying Skippy, the country's number two peanut butter brand, for about $700 million.
The brand was launched in 1932. Hormel, which also makes canned chili, sausages and pepperoni, currently generates the majority of its sales in the U.S., with only about 4% of its revenue coming from abroad. Now, the company is hoping that Skippy, its biggest-ever acquisition, will help it grow at home and overseas.