Hormel Foods Corporation, a global branded food company, announced it has entered into a definitive agreement to sell its CytoSport business to PepsiCo, Inc. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in 30-60 days.
"PepsiCo has deep expertise and experience in the sports nutrition category and has been a long-standing distribution partner for CytoSport and the Muscle Milk brand, which puts them in a strong position to grow this dynamic business," said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. "We look forward to working with PepsiCo to ensure a smooth transition for our team members, suppliers, customers and consumers."
Further details regarding the transaction will be provided during the company's earnings call on February 21, at 8:00 a.m. CT (9:00 a.m. ET).