Hormel Foods agreed to buy the Planters snack brand from Kraft Heinz for $3.35 billion in cash, expanding the Skippy peanut butter maker’s portfolio of pantry staples as the pandemic drives demand for packaged food.The transaction provides a tax benefit of about $560 million, Hormel said in a statement Thursday.The acquisition bolsters Hormel’s catalog of brands, which already includes household names such as Skippy, Spam and its eponymous deli meats.
Hormel To Buy Planters From Kraft Heinz
Bloomberg News, The Gazette (Cedar Rapids)
Thu, 02/11/2021 - 1:42pm
Sections: u.s.
Topics: Iowa Linn County Cedar Rapids
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