A US newspaper report suggests local food major Kraft Heinz is planning to sell its Planters snacks business to American peer Hormel Foods in a US$3bn deal.
The Wall Street Journal, citing “people familiar with the matter”, reported yesterday (2 February) that a deal for the century-old brand could be announced as soon as next week.
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Planters primarily sells nuts and snack mixes, with labels featuring the Mr. Peanut mascot, complete with top hat and monocle.
The disposal, if it happens, would be the latest divestment from Heinz tomato ketchup and baked beans maker Kraft Heinz, which announced the sale of its natural cheese business to France’s Groupe Lactalis for $3.2bn in September. That was also the month the company revealed its transformation strategy, a plan to help it grow more consistently.
Minnesota-based Hormel, which owns brands such as Skippy peanut butter, Spam and Jenni-O Turkey Store, has been an active acquirer in recent years. This time last year it bought local meat business Sadler’s Smokehouse for $270m.
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By GlobalDataKraft Heinz and Hormel declined to comment on the Wall Street Journal report when approached by US media.
just-food asked both businesses for a reaction to the story, outside of US business hours.
A Kraft Heinz spokesperson said: "Kraft Heinz does not comment on rumours or speculation."
A Hormel spokesperson said: "It is our policy to not comment on speculative business rumours."
