Planters Honey Roasted Nuts
Tiffany Hagler-Geard | Bloomberg | Getty Images
Mr. Peanut is joining forces with Spam.
Kraft Heinz announced Thursday it has sold its Planters and its other nuts businesses to Spam maker Hormel for $3.35 billion.
The cash deal includes most Planters products and the Corn Nuts brand. Hormel will also receive the global intellectual property rights to the two brands, subject to existing third-party licenses in other countries. The nuts business contributed about $1.1. billion in sales last year to Kraft Heinz, mostly focused in the U.S.
Shares of Kraft Heinz rose more than 1% in premarket trading after the company beat Wall Street’s estimates for its fourth-quarter…
Source cnbc.com