Global branded food company Hormel Foods has announced the acquisition of the Planters brand from the Kraft Heinz Co. for $3.35 billion.
The acquisition includes the Planters, NUT-rition, Planters Cheez Balls and Corn Nuts brands, and three production sites.
In 2020, Planters snack portfolio net sales were approximately $1 billion, and are expected to grow at Hormel’s long-term organic growth target.
“Our competencies in brand stewardship, revenue growth management, e-commerce, innovation and consumer insights will be key to driving growth for the Planters®brand and for our customers,” commented Jim Snee, chairman of the board, president, and chief executive officer of Hormel Foods. “We also expect significant synergies as we integrate this business into our One Supply Chain and Project Orion system.”
Hormel Foods owns over 40 brands generating over $9 billion in annual revenue across more than 80 countries worldwide.
Source: Hormel Food press release