Peanut Butter gets Spammed

J.M. Smucker has officially sold the Skippy brand to Hormel the makers of Spam for $700 million dollars. Skippy has an annual sales of $370 million and $100 million of it comes from outside the US. Skippy was first introduced in 1932 and is the leading peanut butter in China and NO. 2 overall behind Jif. The sale includes two factories, one in Little Rock, Arkansas and one in the Shandong province of China. Hormel feels like this will help increase earnings  per share during the fiscal year, also this should help them make an appearance on the Chinese market. According to Hormel peanut butter is the second most popular sandwich behind ham of course. There is $2 billion dollars in sales for peanut butter annually and 74% of US households buy it.