AUSTIN, Minn., June 7, 2021 /PRNewswire/ -- Hormel Foods
Corporation (NYSE: HRL) today announced the closing of its
acquisition of the Planters® snacking portfolio
from the Kraft Heinz Company (Nasdaq: KHC).
The acquisition includes the Planters®,
NUT-rition®, Planters® Cheez Balls and
Corn Nuts® brands, as well as three production
facilities.
"This is an important day for Hormel Foods as we close the
largest acquisition in our company's history. As a global branded
food company, we have been making a purposeful and strategic shift
in our portfolio of brands and products, which includes enhancing
our snacking offerings. The Planters® snacking
business is an important cornerstone to this strategy, and now
joins our leading brands such as SKIPPY®,
SPAM®, Hormel® Natural Choice®,
Applegate®, Justin's®,
Columbus® and Wholly®
Guacamole," said Jim Snee, chairman
of the board, president and chief executive officer at Hormel
Foods. "The Planters® snacking business will now
have the world-class resources of Hormel Foods marketing,
innovation and robust sales organization behind it to drive further
growth. We welcome the Planters® team
members to the Hormel Foods family. Together, we are going to do
great things for this business."
Citi and Credit Suisse were the financial advisors to Hormel
Foods and Faegre Drinker Biddle & Reath LLP served as legal
counsel.
ABOUT HORMEL FOODS — Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food
company with over $9 billion in
annual revenue across more than 80 countries worldwide. Its brands
include Planters®, SKIPPY®,
SPAM®, Hormel® Natural Choice®,
Applegate®, Justin's®, Wholly®,
Hormel® Black Label®,
Columbus® and more than 30 other beloved brands. The
company is a member of the S&P 500 Index and the S&P 500
Dividend Aristocrats, was named on the "Global 2000 World's Best
Employers" list by Forbes magazine
for three years, is one of Fortune magazine's most admired
companies, has appeared on Corporate Responsibility Magazine's "The
100 Best Corporate Citizens" list for 12 years, and has received
numerous other awards and accolades for its corporate
responsibility and community service efforts. The company lives by
its purpose statement — Inspired People. Inspired Food.™ — to bring
some of the world's most trusted and iconic brands to tables across
the globe. For more information, visit www.hormelfoods.com.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking information based on
management's current views and assumptions. Actual events may
differ materially. Please refer to the cautionary statement
regarding Forward-Looking Statements and Risk Factors that appear
on pages 28-35 in the Company's Form 10-Q for the fiscal quarter
ended April 25, 2021, which can be
accessed at www.hormelfoods.com in the "Investors"
section.
Contact:
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Media
Relations
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507-434-6352
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media@hormel.com
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SOURCE Hormel Foods Corporation