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Kraft Heinz Likely To Sell Planters Brand To Hormel Foods In $3 Bln Deal: WSJ

Kraft Heinz Co. is nearing a deal to sell its Planters snack business to Hormel Foods Corp., the Wall Street Journal reported citing people familiar with the matter.

A deal could value the peanut brand, which sells nuts and snack mixes, at about $3 billion. The companies are expected to strike a deal as soon as next week.

Kraft Heinz, which was formed in 2015 following a merger of two major food companies, had agreed in September last year to sell its natural cheese business to a division of Groupe Lactalis for $3.2 billion.

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