Kraft Heinz Completes Sale of Nuts Business

08-Jun-2021 - USA

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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