Hormel Foods Corp. (HRL) said it has agreed to acquire the
Country Crock chilled side-dish line from Unilever United States
Inc., a subsidiary of Unilever plc. (UL).
Terms of the acquisition weren't disclosed, but Unilever noted
in a separate release that the Country Crock line generated about
$50 million in revenue in 2009.
The acquisition is expected to close by February.
Unilever said Hormel will market and sell Country Crock products
under a license agreement. No Unilever employees will be
transferred with the business.
Unilever is one of the world's biggest consumer-products
companies.
Austin, Minn.-based Hormel produces and markets food products.
It said the purchase represents a "significant opportunity" to
expand in the growing segments of convenient meals and side dishes
and complements its existing protein-based refrigerated
products.
In New York Friday, Unilever closed at $31.54 and Hormel closed
at $38.56. The New York Stock Exchange is closed Monday for the
Martin Luther King Jr. Day holiday.
-By Tara Zachariah, Dow Jones Newswires; 416-306-2100;
tara.zachariah@dowjones.com