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HORMEL FOODS CORPORATION

(HRL)
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Hormel Foods : Announces Closing of Acquisition Of PLANTERS Snacking Business

06/08/2021 | 11:09am EDT

AUSTIN, MINN. - Hormel Foods Corporation (NYSE: HRL) today announced the closing of its acquisition of the Planters snacking portfolio from the Kraft Heinz Company (Nasdaq: KHC).

The acquisition includes the Planters, NUT-rition, Planters Cheez Balls and Corn Nuts brands, as well as three production facilities.

'This is an important day for Hormel Foods as we close the largest acquisition in our company's history. As a global branded food company, we have been making a purposeful and strategic shift in our portfolio of brands and products, which includes enhancing our snacking offerings. The Planters snacking business is an important cornerstone to this strategy, and now joins our leading brands such as SKIPPY, SPAM, Hormel Natural Choice, Applegate, Justin's, Columbus and Wholly Guacamole,' said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. 'The Planters snacking business will now have the world-class resources of Hormel Foods marketing, innovation and robust sales organization behind it to drive further growth. We welcome the Planters team members to the Hormel Foods family. Together, we are going to do great things for this business.'

Citi and Credit Suisse were the financial advisors to Hormel Foods and Faegre Drinker Biddle & Reath LLP served as legal counsel.

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
HORMEL FOODS CORPORATION 1.24% 47.34 Delayed Quote.1.57%
THE KRAFT HEINZ COMPANY 1.08% 39.22 Delayed Quote.13.16%
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Financials (USD)
Sales 2021 10 721 M - -
Net income 2021 939 M - -
Net Debt 2021 910 M - -
P/E ratio 2021 27,5x
Yield 2021 2,06%
Capitalization 25 662 M 25 662 M -
EV / Sales 2021 2,48x
EV / Sales 2022 2,36x
Nbr of Employees 19 800
Free-Float 52,4%
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 47,34 $
Average target price 45,50 $
Spread / Average Target -3,89%
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Managers and Directors
James P. Snee Chairman, President & Chief Executive Officer
James N. Sheehan Chief Financial Officer & Executive Vice President
Kevin L. Myers Senior Vice President-Research & Development
Pierre Lilly Chief Compliance Officer & Senior Vice President
Elsa A. Murano Independent Director
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