Hormel Foods Corporation announces the closing of its acquisition of the snacking portfolio from the Kraft Heinz Company.
The acquisition includes the Cheez Balls and 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 snacking business is an important cornerstone to this strategy, and now joins our leading brands such as andGuacamole," said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods.
"The 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 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.