Why Kraft Heinz Sold Planters Peanuts

The deal with Hormel Foods stands to benefit both companies

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.