Business

Planters packs a punch as Kraft Heinz pockets $3.35B in cash from sale of nuts business

By By Patty Tascarella – Senior Reporter, Pittsburgh Business Times
WPXI Planter's peanuts This June 7, 2013 photo shows a display of Planters Peanuts at a Walmart store in Rogers, Ark. Hormel Foods, known for its meat brands like Spam and Applegate, said Thursday, Feb. 11, 2021, it's 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. (AP Photo/Gareth Patterson, File) (Associated Press/AP)
By By Patty Tascarella – Senior Reporter, Pittsburgh Business Times

Awww, nuts! Mr. Peanut, monocled spokeslegume for Planters, is now tipping his top hat to new owner Hormel Foods Corp.

Kraft Heinz Co. on Monday announced that it has completed the sale of its nuts business to fellow food giant Hormel for $3.35 billion in cash.

Hormel purchased most products sold under the Planters brand, including single variety and mixed, trail mix, Nut-rition products, Cheez Balls and Cheez Curls, and Corn Nuts branded products. The deal also includes global intellectual property rights to the Planters brand, subject to existing third-party licenses in certain international jurisdictions, and to the Corn Nuts brand.

The deal was originally announced on Feb. 11, after weeks of speculation.

Read more from our partners at The Pittsburgh Business Times.

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