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Dutch food and cosmetics giant Unilever said Thursday it has sold its Skippy global peanut butter brand in a multi-million-dollar deal to US-based food maker Hormel, except for in China where the sale was awaiting approval from authorities.
"Unilever today (Thursday) completed the sale of its global Skippy business to Hormel Foods," the Rotterdam-based company said in a statement.
This excluded "the portion operated out of China, which remains subject to regulatory approval and is expected to close later this year," Unilever said.
Earlier this month the two companies announced the global deal worth $700 million (515 million euros) which included the Skippy trademark and two manufacturing plants based in the United States and China.
One of the world's leading suppliers of consumer goods, Unilever owns a wide variety of brands including Knorr, Lipton, Dove and Vaseline. It employs 167,000 workers in 100 countries.
Based in Austin, Minnesota, Hormel employs around 19,600 workers and produces a variety of foods including hams, bacon, sausages and microwaveable entrees and salsas.