Kraft Heinz sells Planters brand to Hormel Foods

UNDATED (AP)- Hormel Foods is going nuts. The Minnesota company, known for its meat brands like Spam and Applegate, said Thursday it’s buying the Planters nut business from Kraft Heinz Co. for $3.35 billion. Included in the deal are Planters brands like Nut-rition, Cheez Balls and Corn Nuts. Hormel Foods said the acquisition significantly expands its presence in the growing snacking space. Kraft Heinz said it will reinvest the money in brands with more growth prospects, like Lunchables and P3 protein packs. Kraft Heinz also sold its natural cheese business last fall. The deal with Hormel is expected to close in the first half of this year.