Southeast Minnesota Company Set to Buy Planters Peanuts
If you're hungry for a snack, one well-known company here in Minnesota might be able to help-- because they're apparently ready with a deal to purchase Planters Peanuts.
When it comes to world-renowned companies that call southeast Minnesota home, there are two big players. Mayo Clinic and Hormel Foods. And one of them (can you guess which one?) might be getting ready to plunk down a big chunk of change to add the Planters Peanuts line to its growing line-up of foods.
According to this CNBC story, Austin, Minnesota's own Hormel Foods is THISCLOSE to sealing a big deal to purchase Planters Peanuts. The famous line of peanuts (and its spokesperson, Mr. Peanut) is currently owned by Kraft-Heinz, thanks to a series of mergers and acquisitions involving Nabisco back in 2000, as well as that massive merger between Heinz and Kraft in 2015.
Now, usually, when you think maybe having a snack and you set out to buy a jar of Planters (which you can do on Amazon if you click HERE) I'm just guessing you spend a wee bit less than Hormel is possibly spending. That's because, according to CNBC, the deal for Hormel to buy Planters could be worth 3 billion dollars! Yikes! That's an amount that's definitely NOT peanuts (as they say), right?!?
The story says that the deal could be announced as soon as next week if talks don't fall apart. I'm no business analyst, mind you, but the deal would seem to be a good fit for Hormel, which, in addition to all its Hormel-branded products (love the pepperoni!), bought the Skippy Peanut Butter line and added it to its line-up in 2013.
Hormel's signature, Spam, Skippy Peanut Butter, and Planters Peanuts are all some of the most well-known brands of food on store shelves these days. Fortunately, they're all still going strong, too-- even during our ongoing pandemic. Sometimes, though, even a famous brand simply goes away. Keep scrolling to check out some well-known brands that aren't around anymore!