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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, ....
The acquisition is by far the largest by Austin, Minn.-based Hormel Foods. 11:15 am, Feb. 11, 2021 × AUSTIN, Minn. 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, Feb. 11, making it the largest acquisition by Austin, Minn.-based 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 significantly expands our presence in the growing snacking space, Jim Snee, Hormel s chief executive, said in a statement. ....