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

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.