Kraft Heinz to sell Planters, Corn Nuts brands to Hormel for $3.35 billion

Kraft Heinz Co said on Thursday that it plans to sell its nuts business - including most Planters and Corn Nuts products - to Hormel Foods Corp for $3.35 billion.
 

Kraft Heinz shares were up 3% in early trading.
 

The Chicago-based company has been trying to streamline its portfolio and focus on more accretive brands, having faced criticism for years about losing out to private label products because it is in too many categories to focus on key brands. In September, Kraft Heinz said it would sell its natural cheese business to French dairy company Groupe Lactalis for $3.2 billion.