Kraft Heinz Sells Iconic Planters Brand In $3.3 Billion Deal

Pittsburgh PA

11 February, 2021

8:31 AM

Description

PITTSBURGH, PA — Mr. Peanut is getting a new home. Pittsburgh based Kraft Heinz announced Thursday that it is selling its nuts business to Hormel Foods for $3.3 billion. The sale includes most products sold under the Planters brand, including single variety and mixed nuts, trail mix, Nut-rition products, Cheez Balls, and Cheez Curls, as well as Corn Nuts branded products. "This is another momentous step in our rapid transformation of Kraft Heinz," Kraft Heinz CEO Miguel Patricio said in a news release. "It will enable us to sharpen our focus on areas with greater growth prospects and competitive advantage for our powerhouse brands. Within our Real Food Snacking platform, this means more aggressively driving real fuel for kids through Lunchables and real meal alternatives like P3." Hormel CEO Jim Snee said, Planters is an iconic leading snack brand with universal consumer awareness. The acquisition of the Planters business adds another $1 billion brand to our portfolio and significantly expands our presence in the growing snacking space."