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Hormel Foods Corp. Buys Planters For $3.35B

February 14, 2021: 12:00 AM EST
The Austin, Minn. food company’s acquisition of the snacking nuts firm is the largest in its 130-year history. Chicago-based Kraft Heinz’s decision to sell represents is a further attempt to shore up a struggling balance sheet. It took a nearly $17 billion write-down in the value of its brands in 2019. The Planters nuts business will bolster Hormel’s portfolio of branded high-margin products, which already includes Skippy peanut butter, Dinty Moore soup, and Justin's nut butters. But Planters snacking nuts products straddle the line between a pure commodity and a value-added product. Commodities tend to be more vulnerable to generic or store-brand competitors.
Kristen Leigh Painter, "Hormel makes its biggest deal ever, buying Planters for $3.3 billion", The (Minneapolis) Star Tribune, February 14, 2021, © Star Tribune
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