The deal, struck in cash for US$3.35bn, is part of Hormel's "evolution as a global, branded food company", the Spam owner said. related to Hormel Foods, Kraft Heinz, Snacks, M&A and joint ventures,
Hormel to buy Planters from Kraft Heinz for US$3.35B
Henry Ren, Bloomberg News Planters Cheez Balls arranged in Hastings-On-Hudson, New York, U.S., on Wednesday, Feb. 3, 2021. Kraft Heinz Co. is nearing a deal to sell its Planters snack business to Skippy peanut butter owner Hormel Foods Corp., according to people familiar with the matter. Photographer: Tiffany Hagler-Geard/Bloomberg , Bloomberg
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The transaction provides a tax benefit of about US$560 million, Hormel said in a statement Thursday.
The acquisition bolsters Hormelâs catalog of brands, which already includes household names like Skippy, Spam and its eponymous deli meats. While packaged foods have benefited during the pandemic as Americans have stocked their pantries, food-service revenue has taken a hit with restaurants and shopping centers closed or operating with limited capacity.
Skippy Maker Hormel Buys Planters From Kraft Heinz
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Planters snack brand from
Kraft Heinz Co. for $3.35 billion in cash, expanding the
Skippy peanut butter maker’s portfolio of pantry staples as the pandemic drives demand for packaged food.
The transaction provides a tax benefit of about $560 million, Hormel said in a statement Thursday.
The acquisition bolsters Hormel’s catalog of brands, which already includes household names like Skippy,
Spam and its eponymous deli meats. While packaged foods have benefited during the pandemic as Americans have stocked their pantries, food-service revenue has taken a hit with restaurants and shopping centers closed or operating with limited capacity.
Kraft Heinz Co selling Planters to Hormel Foods Corp for $3 35 billion in cash bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.