Unilever NV (LN:ULVN) is seeking a buyer for its Skippy peanut butter brand, which accounts for about $300 million per year for the Anglo-Dutch food and consumer products conglomerate.
"As part of a recently completed strategic review, we have decided to explore various options for our Skippy business in the U.S. and Canada including, but not limited to, a potential sale of the business," spokesperson Anita Larsen said Thursday in a statement.
"The ultimate objective will be to identify the best way forward for Skippy's continued growth and profitability and for it to remain an iconic, consumer-loved brand."
Skippy is the No. 2 peanut butter brand in the U.S. with an 18 percent market share, according to Bloomberg News. Rival J.M. Smucker leads the sector with a 34 percent market share.
Unilever, which also owns the Dove soap and Ben & Jerry's ice cream brands, sold its North American frozen meals business to ConAgra Foods, Inc. (NYSE:CAG) in August for $267 million.