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The acquisition is by far the largest by Hormel Foods. 3:00 pm, Feb. 11, 2021 × AUSTIN -- Austin-based Hormel Food Corp. has scooped up the Planters business from Kraft Heinz Co. for $3.35 billion in cash. Hormel and Chicago-based Kraft announced the deal early Thursday, making it the largest acquisition by Hormel, which expands its business line to include peanuts as well as Cheez Balls, Corn Nuts and NUT-Triton brands. The Planters business in those areas had 2020 sales of about $1 billion. "The acquisition of the Planters business adds another $1 billion to our portfolio and s...

Under the agreement, Kraft Heinz will sell its Planters production facilities in Suffolk to Hormel.

The business, which includes most Planters products and the Corn Nuts brand, contributed about $1.1 billion to Kraft Heinz's 2020 sales.

WASHINGTON (dpa-AFX) - Kraft Heinz Co. (KHZ) announced Thursday that it has agreed to sell its Planters snack nut portfolio to Hormel Foods Corp. (HRL) in a cash transaction of $3.35 billion.

Minnesota-based Hormel to acquire Planters February 11, 2021 The deal include brands such as Planters, NUT-rition, Corn Nuts, Skippy and Wholly Guacamole. The sale is expected to close later this year and is subject to regulatory approval.