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Kraft Heinz is reportedly in talks with Hormel Foods to unload Planters, its snack-nuts division, as it rebalances its portfolio.
The talks might soon result in a deal in the neighborhood of $3 billion, according to the Wall Street Journal. That would be roughly three times what Kraft Heinz reported in sales in 2019 for its nuts and snack division.
Although high-protein snacks like nuts have become popular, the deal is seen as a way for Kraft Heinz to get out of a commodity-based business wher private label has a high market share. Hormel has no snack nut business but does produce Skippy and other nut butters.
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