NEW YORK: Kraft Heinz Co said on Thursday that it plans to sell its nuts business – including most Planters and Corn Nuts products – to Hormel Foods Corp for $3.35 billion.
Kraft Heinz shares were up 2% before the bell.
The deal, which is expected to close in the first half of 2021, includes global intellectual property rights to the brands, subject to existing third-party licenses.
Kraft Heinz also beat analysts’ estimates for fourth-quarter revenue as people under pandemic lockdown bought more packaged meals, snacks and condiments.
Sales grew 6.2% to $6.94 billion in the three months ended Dec. 26, beating the average estimate of $6.82 billion, according to Refinitiv data.
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