Deals
Hormel to Buy Planters From Kraft Heinz for $3.35 Billion
- Purchase will be Hormel’s largest to date, Bloomberg data show
- News comes as Kraft reported a fourth-quarter sales beat
This article is for subscribers only.
Hormel Foods Corp. agreed to buy the Planters snack brand from Kraft Heinz Co. for $3.35 billion in cash, expanding the Skippy peanut butter maker’s portfolio of pantry staples as the pandemic drives demand for packaged food.
The transaction provides a tax benefit of about $560 million, Hormel said in a statement Thursday.