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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 nut business from Kraft Heinz Co. for $3.35 billion. Included in the deal are Planters brands like Nut-rition, Cheez Balls and Corn Nuts. “The acquisition of the Planters business adds […]
Hormel Foods, guided by Faegre Drinker, will pay $3.35 billion for the Planters snack nut business of Gibson Dunn-advised Kraft Heinz, the companies said Thursday, in a deal that adds to the buyer's portfolio a unit that posted 2020 net sales of about $1 billion.
It's been a chaotic few years for Mr. Peanut, who died in early 2020 and was reborn as a baby nut. Now he has a new home: Kraft is selling
Kraft Heinz has ended 2020 on a high note reporting a 6.2% increase in organic net sales and a 27% lift in household penetration in Q4, driven by significant gains in Ketchup, Lunchables, and Ore-Ida. At the beginning of 2020, Kraft Heinz embarked on its multi-year transformation supported by a new operating model and platform-based prioritization of its portfolio, which has been divided into four segments: fast fresh meals; taste elevation; easy meals made better; and easy indulgent desserts. "Our retail market share has continuously improved over the course...
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,