Pittsburgh-based Kraft Heinz Company announced Monday that it has sold its nuts business to Hormel Foods Corporation for $3.35 billion.
Previously, the company said it would divest most of its products sold under the Planters brand, including single variety and mixed nuts, trail mix, Nut-rition products, Cheez Balls, and Cheez Curls, as well as Corn Nuts branded products.
Kraft Heinz said the transaction would include all of the intellectual property rights to the Planters and Corn Nuts brand, subject to existing third-party license in some international jurisdictions.
“The sale of our Nuts portfolio is another important milestone in our transformation,” said Kraft Heinz CEO Miguel Patricio. “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.”
Kraft Heinz is the third-largest food and beverage company in North America and the fifth-largest food and beverage company in the world, with eight $1 billion+ brands, including Kraft, Heinz, Ore-Ida, Classico, Oscar Meyer, Velveeta, CapriSun, Kool-Aid, and SmartOnes.
Hormel is an international company selling products in more than 80 countries. The company has more than 50 brands, including Hormel meats, Hormel Chili, ChiChi’s, Dinty Moore, House of Tsang, Skippy, and Spam.