Planters Honey Roasted Nuts
Tiffany Hagler-Geard | Bloomberg | Getty Images
Mr. Peanut is joining forces with Spam.
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…