Hormel Foods is going nuts. The Austin, Minnesota-based company, known for its meat brands like Spam and Applegate, said Thursday it is buying the Planters nu
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Kraft Heinz To Sell Planters, Corn Nuts Brands To Hormel For $3.35 Billion
Sales grew 6.2% to $6.94 billion in the three months ended Dec. 26, beating the average estimate of $6.82 billion
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Kraft Heinz Co said on Thursday that it plans to sell its nuts business - including most Planters and Corn Nuts products - to Hormel Foods Corp for $3.35 billion, sending shares up 6%.
The Chicago-based company has been trying to streamline its portfolio and focus on more accretive brands, having faced criticism for years about losing out to private label products because it is in too many categories to focus on key brands. In September, Kraft Heinz said it would sell its natural cheese business to French dairy company Groupe Lactalis for $3.2 billion.
AUSTIN, Minn. - Hormel Foods is going nuts. The Austin company, known for its meat brands like Spam and Applegate, said Thursday it is buying the Plan.
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Chicken Tonight owner Symington’s has hired advisors to explore sale options as the ambient food group has capitalised on increased consumer demand under Covid lockdowns that have amplified the effects of a successful turnaround.
Private equity owner ICG, which has backed the business since a £72m buyout in 2012, has appointed investment bank Houlihan Lokey to seek a potential exit, according to City sources.
The sale process is still at a very early stage, but interest from PE firms is expected to be solid, with a valuation between £80m and £100m, dealmaker sources said.
Kettle owner Valeo was highlighted as a natural buyer, while a resurgent Premier would likely be constrained by competition issues.