Hormel Foods apparently has a hankering for a peanut butter and bacon sandwich. The company primarily known for Spam and other cured, smoked and deli meats said Thursday that it’s buying Skippy, the country’s No. 2 peanut butter brand, in its biggest-ever acquisition.
Continued strong sales of Spam and Jennie-O products helped Hormel Foods as its net income climbed 13 percent in its fourth fiscal quarter. The Austin, Minn., company also increased its annual dividend by 13 percent to 68 cents per share.
A jury has ordered an Iowa warehouse operator to pay Hormel Foods Corp. $4 million for failing to protect its products from floodwaters in 2008.
Hormel Foods Inc. said that its board has approved a 2-for1 stock split, which would be its first in a decade.