Hormel makes its biggest deal ever, buying Planters for $3.3 billion
February 12, 2021
Hormel Foods Corp. agreed to buy Planters nuts for $3.35 billion, the largest acquisition in Hormel's 130-year history.
The Austin, Minn.-based food company - known for bacon, turkey, Spam and its down-home style of business - has steadily gobbled up smaller protein-centric food brands for the last five years. The Planters brand is easily the most well-known name of those deals.
"We love it," Hormel Chief Executive Jim Snee said. "We got it at a price that we think is a good deal."