Kraft Heinz is close to a deal to sell its Planters snack business to Hormel Foods Corp., according to people familiar with the matter, reports The Wall Street Journal. A deal valuing the brand at $3 billion could be announced as soon as next week, according to the report.
Planters sells nuts and snack mixes and Hormel markets protein-centric foods such as Skippy and Justin’s nut butters as well as chili and deli meats.
Kraft Heinz has been divesting brands in an attempt to simplify its business and focus on its most promising brands, according to the report. Full Story (Subscription Required).
Related: Kraft to Give Away Candy-Flavored Mac & Cheese; Hormel Reveals 2021 Trend Predictions.
Image: Kraft Heinz