Hormel Foods Corporation -- Moody's affirms Hormel's A2 rating; raises outlook to positive
New York, January 04, 2013 -- Moody's Investors Service today affirmed the A2 rating of Hormel Foods and revised the rating outlook to positive from stable. This action follows the company's announcement on January 3, 2013 that it had entered into a definitive agreement to acquire the Skippy peanut butter business from Unilever for $700 million in cash or approximately 1.9 times sales. Hormel plans to complete the acquisition by the end of fiscal 2013.
