Retail

Kraft Heinz sells nuts business, including Planters, to Hormel for $3.35 billion

0


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

BNY Mellon, oldest U.S. bank, to finance bitcoin and other cryptocurrencies

Previous article

Milan’s skyline to add another ‘mutant building’ covered in plants

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Retail