New York (CNN Business) It's been a chaotic few years for Mr. Peanut, who died in early 2020 and was reborn as a baby nut as part of a Super Bowl ad campaign. Now he has a new home: Kraft is selling Planters to Hormel, the maker of Spam and Skippy, in a $3.35 billion deal. The sale, which is expected to close this year, will give Hormel ownership of most products included in the Planters brand, including mixed nuts, trail mix, Corn Nuts, Cheez Balls and Cheez Curls. Planters brought in about $1 billion in sales in 2020. For Kraft, ditching Planters will offer a chance to focus on its most successful brands like Lunchables, the company said in a news release Thursday. The deal also helps Hormel expand its snack offerings at a time when people are eating at home more. Kraft Heinz CEO Miguel Patricio has been leading an effort to turn Kraft Heinz's ( KHC ) prospects around. Read More Before the pandemic, Kraft was struggling. Many on Wall Street … [Read more...] about Mr. Peanut joins the Skippy family in a $3.4 billion sale
Velveeta and rotel
Kraft Heinz Sells Planters Brand To Hormel Foods
(AP) — 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. RELATED: Gregory Ulrich Formally Charged With Murder, Attempted Murder In Allina Clinic Shooting “The acquisition of the Planters business adds another $1 billion brand to our portfolio and significantly expands our presence in the growing snacking space,” Hormel Chairman, President and CEO Jim Snee said in a statement. The proposed transaction is expected to close in the first half of 2021. Kraft CEO Miguel Patricio said the sale is a major step in the company’s transformation. Patricio said the company plans to reinvest in products that have more growth opportunity, like Lunchables and P3 protein packs. Kraft Heinz, which was formed in a 2015 merger, has been struggling as … [Read more...] about Kraft Heinz Sells Planters Brand To Hormel Foods
