British-Dutch multinational company Unilever has sold its Skippy business in China to US-based Hormel Foods.
Skippy peanut butter brand was introduced in 1932 and its portfolio comprises 11 varieties of peanut butter products.
It is a leading brand in China, and is sold in more than 30 countries across the globe with annual sales of about $370m, of which about $100m are from outside the US.
The move comes after the sale of the rest of the global Skippy business to the US firm on 31 January 2013 for approximately $700m.
On 3 January 2013, the two companies announced the deal, which includes Unilever's Skippy manufacturing facilities in Little Rock, Arkansas, US and Weifang, China.
The acquisition is part of Hormel Foods' strategy to expand its lunchtime offerings in the US and accelerate growth in China.
Unilever is a manufacturer of foods, beverages, cleaning agents and personal care products.
