American food firm The Kraft Heinz Company announced Monday that it has closed the $3.35 billion sale of its nuts business to Hormel Foods Corporation. The company’s divestiture includes the Planters brand, as well as Nut-rition, Cheez Curls, Cheez Balls, and Corn Nuts branded products.
“The sale of our nuts portfolio is a milestone in our transformation,” said Kraft Heinz CEO Miguel Patricio in a release. “The divestiture is a great example of our agile portfolio management and will help Kraft Heinz enhance our overall growth profile while enabling our strategic focus.”
The deal also includes three associated production facilities, Hormel said in a separate release.
“This is an important day for Hormel Foods as we close the largest acquisition in our company’s history. As a global branded food company, we have been making a purposeful and strategic shift in our portfolio of brands and products, which includes enhancing our snacking offerings. The Planters snacking business is an important cornerstone to this strategy, and now joins our leading brands such as SKIPPY, SPAM, Hormel Natural Choice, Applegate, Justin’s, Columbus and Wholly Guacamole,” said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. “The Planters snacking business will now have the world-class resources of Hormel Foods marketing, innovation and robust sales organization behind it to drive further growth. We welcome the Planters team members to the Hormel Foods family. Together, we are going to do great things for this business.”