Hormel Foods Corporation (NYSE: HRL) yesterday announced it has reached a definitive agreement to acquire the assets of Diamond Crystal Brands nutritional products. Diamond Crystal Brands nutritional products (DCBNP) is a business of Diamond Crystal Brands, Inc., a wholly owned subsidiary of Imperial Sugar Company, which on January 16, 2001, voluntarily filed petitions in the U.S. District Court in Wilmington, Del., under Chapter 11 of the U.S. Bankruptcy Code. The transaction is valued at approximately $65 million in cash, subject to certain post-closing adjustments, and requires the approval of the bankruptcy court.