Your favorite Planters snacks like nuts, Cheez Balls and more now have a new home.
Kraft Heinz has reached an agreement to sell Planters to Hormel Foods.
The deal is valued at $3.35 billion. According to the company, the brand added about $1.1 billion to Kraft Heinz’s net sales for fiscal year 2020.
“This is another momentous step in our rapid transformation of Kraft Heinz,” said Kraft Heinz CEO Miguel Patricio in a release. “It will enable us to sharpen our focus on areas with greater growth prospects and competitive advantage for our powerhouse brands. Within our Real Food Snacking platform, this means more aggressively driving real fuel for kids through Lunchables and real meal alternatives like P3.”
The deal is expected to finalize sometime in the first half of 2021.