Hormel Foods Corp. (HRL) announced Thursday morning that it has entered into a definitive agreement to acquire the Skippy peanut butter business from Unilever United States Inc.
Hormel Foods expects the acquisition to be modestly accretive in fiscal 2013. Full year accretion in fiscal 2014 is expected to be between 13 and 17 cents per share.
Hormel Foods gapped up Thursday and has risen sharply in early trade. Shares are now up 1.60 at $33.61 on above average volume. The stock has surged to its second consecutive new high for the year.
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