Why Kraft Heinz Sold Planters Peanuts

The deal with Hormel Foods stands to benefit both companies

Kraft Heinz sold Planters to Hormel Foods for $3.35 billion. Hormel Foods, Mr. Peanut, Kraft

Kraft Heinz has agreed to sell its nuts business, which includes most Planters and Corn Nuts products, to Hormel Foods, the Minnesota-based maker of Spam and Skippy peanut butter, for $3.35 billion in cash. Both parties expect the deal to close in the first half of 2021.

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@hiebertpaul paul.hiebert@adweek.com Paul Hiebert is a CPG reporter at Adweek, where he focuses on data-driven stories that help illustrate changes in consumer behavior and sentiment.