Kraft Heinz Completes Sale of Nuts Business
The Kraft Heinz Company (“Kraft Heinz” or the “Company”) announced today that it has completed the sale of its nuts business to Hormel Foods Corporation in a cash transaction for $3.35 billion. The Company previously announced the signing of a definitive agreement on Feb. 11, 2021, under which Kraft Heinz would divest most 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. The transaction also includes global intellectual property rights to the Planters brand, subject to existing third-party licenses in certain international jurisdictions, and to the Corn Nuts brand.
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“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.”
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