Unilever is planning to sell Skippy peanut butter brand, as part of its efforts to cut down some of the food assets in order to focus on health and beauty business.
The sale of the brand is likely to fetch anywhere between $300m to $400m, reported Bloomberg, citing two people familiar with the knowledge of the matter.
The firm has appointed Lazard to help conduct the sale.
Unilever, which is based in Rotterdam and London, does not want to completely exit the food business, but only intends to sell some of the assets that are not key to its portfolio, the report said.
In August, the firm closed the sale of its P.F. Chang's and Bertolli frozen meals businesses to ConAgra Foods for $267m. Skippy posted a revenue of $300m in fiscal 2012 ended 9 September and had a 18.1% share in the US peanut butter market.
