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


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…


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