Hormel Foods Adds Another Strategic Leading Brand to its Portfolio with the Acquisition of Planters
Hormel Foods Corporation, a global branded food company, announced that it has entered into a definitive agreement to acquire the Planters® snack nut portfolio from the Kraft Heinz Company. The proposed transaction is expected to close in calendar Q2 2021, subject to regulatory review and approval. The acquisition includes the Planters®, NUT-rition®, Planters®Cheez Balls and Corn Nuts®brands. Hormel Foods will acquire the business for $3.35 billion in cash in a transaction that provides a tax benefit valued at approximately $560 million, equating to an effective purchase price of $2.79 billion.
"Planters®is an iconic leading snack brand with universal consumer awareness," said Jim Snee, chairman of the board, president and chief executive officer of Hormel Foods. "The acquisition of the Planters®business adds another...
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