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Kraft Heinz Co (NASDAQ:KHC) confirmed Thursday the sale of its nuts business to Hormel Foods Corp (NYSE:HRL) for $3.35 billion.
What Happened: The majority of products included in the transaction include those sold under the Planters brand, including single and mixed nuts, trail mix nuts, among others. The deal also includes Kraft's global intellectual property rights to the Planters brand and property including two of Kraft's Planters production facilities.
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Media reports from early February said Kraft was eyeing a sale of its iconic Planters snack brand and other nuts products to Hormel Foods for $3 billion.
Why It's Important: Kraft's sale is consistent with management's strategy of prioritizing growth areas and taking action to divest other units as needed.
"This is a great example of using agile portfolio management to improve our growth trajectory," said Kraft Heinz CFO Paulo Basilio
Basilio also said Kraft will "continue deleveraging as we explore accretive investments to accelerate our strategy."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.