Hormel makes its biggest deal ever, buying Planters for $3.3 billion

 

February 12, 2021

Associated Press

At $1 billion in annual sales, the Planters business, owned by Kraft Heinz, will expand Hormel's overall revenue by about 10%. The deal will close in June.

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."

https://www.startribune.com/hormel-makes-its-biggest-deal-ever-buying-planters-for-3-3-billion/600021792/


 

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