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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
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Why Kraft Decided to Sell Planters to Hormel
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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.