Kraft Heinz Announces Agreement to Sell Its Nuts Business to Hormel Foods
Transaction Expected to Close in First Half of 2021, Subject to Regulatory Approvals
The transaction includes most products sold under the Planters brand, including single variety and mixed nuts, trail mix, Nut-rition products, Cheez Balls, and Cheez Curls, as well as Corn Nuts branded products. The transaction also includes global intellectual property rights to the Planters brand, subject to existing third-party licenses in certain international jurisdictions, and to the Corn Nuts brand.
“This is another momentous step in our rapid transformation of Kraft Heinz,” said
As part of
“This is a great example of using agile portfolio management to improve our growth trajectory,” said Kraft Heinz CFO
The business being sold contributed approximately
Under the terms of the agreement,
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Forward-Looking Statements
This press release contains a number of forward-looking statements. Words such as “believe,” “expect,” “intend,” “focus,” “plan,” “improve,” “build,” “grow,” “will,” “accrete,” “enhance,” “create,” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the assets included in the proposed sale, that the sale is subject to customary closing conditions including regulatory clearances, the anticipated number of affected employees, the timing of closing, expected benefits of the proposed sale, impacts of the proposed sale on the Company’s business, financial results, opportunities, and future plans, and other statements that are not historical facts, each of which is based on the Company’s current beliefs, expectations, estimates, and projections. These forward-looking statements are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond the Company’s control, which could cause actual results to differ materially from those indicated in the forward-looking statements. Those factors include, but are not limited to, the timing of or failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the sale, the Company’s ability to achieve intended benefits of the sale, the expected costs of the transaction, the success of business transitions, and the risk factors set forth in the Company’s filings with the
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Michael.Mullen@kraftheinz.com
ir@kraftheinz.com
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