Unilever mulls selling Skippy peanut butter brand

Unilever Plc is considering selling its Skippy peanut butter brand in the US and Canada, which could fetch the Anglo-Dutch consumer products giant around $400 million.

"As part of a recently completed strategic review, we have decided to explore various options for our Skippy business in the US and Canada including, but not limited to, a potential sale of the business," the London and Rotterdam-based company said in a statement.

The company did not reveal the valuation of the brand, but several analysts suggested that Skippy may fetch $300 million to $400 million.

In June, Unilever said that it would restructure its business by selling some of its brands and businesses that is not core to its portfolio. In August, the company sold its PF Chang's and Bertolli frozen meals businesses to ConAgra Foods for $265 million. (See: ConAgra to buy Unilever's N American frozen meal business for $265 mn)

Skippy was founded in 1933 by a St. Louis physician who invented peanut butter to provide his patients with an easy-to-digest, high protein food.

The iconic brand competes with Smucker's made by J M Smucker Company and Jif, a former Procter & Gamble brand, which is the top-selling peanut butter brand in the US since 1981.

Skippy is produced in only remaining plant in Little Rock, Arkansas and ninety million jars of Skippy are sold annually. The brand had annual sales of around $300 million in 2011.