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Kraft Heinz Co. is reportedly close to sealing a deal with Hormel Foods Corp in connection with the sale of its Planters snack business. It was said that if nothing goes wrong, the transaction may be completed as early as next week.
The possible acquisition of Planters
As per Fox Business, the deal between Kraft Heinz Co. and Hormel Foods Corp is valued at around $3 billion. The sale may be formally be announced by the next week if both companies will reach an agreement and talks will not fall apart.
Planters is best known as a company that produces a line of snacks primarily, nuts. People sound the world could easily recognize this brand by seeing its Mr. Peanut mascot in blue packaging. Most probably, once acquired by Kraft Heinz, this logo and color would be retained since people is already familiar with this.
In any case, Hormel Corp has been acquiring companies in recent years, and aside from its deli and canned meat products, it is also known as the maker of the Skippy peanut butter. This company is valued at $25 billion, and it has been buying brands to be able to offer diverse products and attract more customers. It was reported that if Kraft Heinz and Hormel successfully make a deal, Planters will be the latter’s biggest acquisition to date.
About Kraft Heinz and Planters
It was mentioned in Bangkok Post that Kraft Heinz is a product of a merger in 2015. Heinz is widely known as the maker of ketchup, and it merged with the cheesemaker Kraft Industries.
The strategy helped both companies, and their brands were made even more promising.
In September 2020, Kraft Heinz sold a big part of its cheese business to France’s Groupe Lactalis SA for $3.2 billion. And now, it is selling its Planters subsidiary as the company struggles with the stiff competition with other brands.
Meanwhile, Planters has been around since 1906, and it was founded by two Italian immigrants. Kraft Heinz was originally planning to expand this snack business, but it has been difficult, and the company suffered from a huge loss of $290 million last year. Thus, in the end, it is now being sold to Hormel.
