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John S. Forrester
February 3, 2021
1 Min Read
Representative imageImage courtesy of Pixabay
Hormel Foods nearing the end of negotiations with Kraft Heinz to acquire the Planters brand of snack products for about $3 billion, unnamed sources familiar with the deal told The Wall Street Journal this week. The sources told the newspaper that the companies may announce an agreement on the transaction next week.
Based in Austin, MN, Hormel is perhaps best known for SPAM, a tinned processed meat product, and branded lunch meat products. Over the years, the company has broadened its portfolio to include a number of snack brands, including Wholly Guacamole and Chi-Chi’s brands. It also maintains a presence in the nut butters space with Justin’s almond butter and Skippy Peanut butter.
Planters offers a range of snack nut and mixed nut products, as well as cheese balls and cheese curls.
Hormel’s potential acquisition comes at a time when demand for salty snacks is expected to continue its strong growth trajectory. Between 2020 and 2025, the global market for salty snacks is expected to grow at a CAGR of 4.2%, according to a recent forecast by Mordor Intelligence.
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