Reuters
Kraft Heinz confirmed Thursday that it plans to sell Planters to Hormel for $3.4 billion.
The deal marks one of the food company's largest efforts yet to remake its portfolio.
Last fall, Kraft Heinz said it would eliminate about 20% of its products and limit new ones.
Kraft Heinz is bidding adieu to Mr. Peanut.
The food giant said Thursday that it plans to sell its Planters nut business for $3.4 billion to Spam maker Hormel. The announcement confirms a report last week in The Wall Street Journal, which said that the two companies were discussing a potential deal and that it could be finalized this week.