Hormel Foods Corp. (NYSE: HRL) announced Tuesday that it is acquiring the Shedd's Country Crock side-dish line from Unilever United States Inc., according to Associated Press.
The move adds potato and pasta side dishes to Hormel's product line, which includes meat and poultry entrees.
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Terms were not disclosed Monday for the deal, which is expected to close by next month.
The products in the Country Crock side-dish line include mashed potatoes and macaroni and cheese. The business generated about $50 million in revenue last year for Unilever.
Shares of Hormel Foods rose 20 cents, or 0.5 percent, to $38.76, while shares of Unilever added 65 cents, or 2 percent, to $32.79.
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