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Planters have been acquired by Hormel Food Corporation for $3.35 billion, which is the 130-year-old company’s largest purchase in its history. Hormel continues to buy smaller food brands, and Planters is probably the most well-known from the list of its acquisitions.
The deal between Hormel and Kraft Heinz
Planters is one of the most recognizable brands in the world, and it will not be owned by Hormel Foods. The purchase came to be after Kraft Heinz, which owns Planters, agreed to sell its nuts and snack business brand as the company in an effort to cope with the struggles of keeping the business afloat after being hit by the pandemic-related losses.
Then again, with the sale of Planters to Hormel Foods Corp, Kraft Heinz is bound to get less than the stated sale price, which will be given in cash. This is because the company still needs to pay huge taxes after the deal is signed and payments are made. As for the maker of SPAM, it was estimated that the deal would only cost them $2.79 billion due to tax benefits.
"Planters is an iconic leading snack brand with universal consumer awareness," Jim Snee, Hormel CEO, said via press release. "The acquisition of the Planters®business adds another $1 billion brand to our portfolio and significantly expands our presence in the growing snacking space.”
What Hormel is getting from the acquisition
Hormel Foods is primarily known as a manufacturer of ham, sausage, beef, chicken, and lamb products since 1891. In the 80s, the company started selling wider selections of refrigerated and packaged food items. Still, it is mostly popular for its SPAM brand.
As it added Planters in the company, Hormel is obviously growing the business by slowly getting into other trades, and this time, it is moving to the snack line. Market Watch mentioned the acquisition deal will make Hormel the new owner of products including Planters’ mixed nuts, Cheez Balls, Cheez Curls, Nut-rition, and Corn Nuts.
Related intellectual property matters are also included in the deal. Meanwhile, Miguel Patricio, Kraft Heinz’s chief executive officer, said the sale of Planters will let Kraft Heinz focus on other divisions that have greater chances for growth.
