According to Bloomberg, Unilever may be looking for a buyer for its Skippy peanut butter brand, which may fetch $300–400 million, as it pares its food business to focus on faster-growing health and beauty products.
“As part of a recently completed strategic review, we decided to explore various options for the Skippy business in the U.S. and Canada, including but not limited to a potential sale,” said Anita Larsen, a spokeswoman for Unilever.
Unilever may be pruning some of the brands and businesses that it doesn’t feel are core to its portfolio. In August, the company completed the sale of its P.F. Chang’s and Bertolli frozen meals businesses to ConAgra Foods Inc. for $267 million, and in 2010 sold food businesses in Italy, Brazil, and the United States.
Skippy had revenue of $300 million and 18.1% of the U.S. peanut butter market, not including sales at Wal-Mart Stores Inc., for the year ended Sept. 9, according to market researcher SymphonyIRI Group. J.M. Smucker’s Jif had 34% of the market during that time.