"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", Unilever said 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.
"We cannot speculate on the outcome of this review but remain committed to providing further updates in a timely manner as new information is available."
Analysts said they expected Skippy could fetch just over one times annual sales ($300m in 2011), and said a sale could made sense as Unilever looks to focus more on emerging markets and personal care products.
Unilever, which recently sold its P.F. Chang’s and Bertolli frozen meals businesses to ConAgra after selling a string of non-core businesses in Italy, Brazil and the US, declined to comment further on the outcome of the review