Kraft Heinz is said to be preparing the sale of its Planters snack unit to Hormel Foods for roughly $3 billion, according to sources. If finalized, the deal would serve as the largest acquisition in Hormel's history.
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Planters is shelving Mr. Peanut during this year's Super Bowl, instead directing its game-day promotion spend toward an "acts of substance" campaign that spotlights individuals making a difference in their communities and supports their efforts with $5 million in donations. The shift entails "reorienting our marketing teams to focus on agility, to think about how we can generate more meaningful content that gets connected to our consumers in more creative ways," said Sanjiv Gajiwala, US chief growth officer at Kraft Heinz.
Costco is aiming to open approximately 25 new locations around the globe during the fiscal year that began Sept. 2. The retailer operates 544 stores in the US and is planning another 15.
The cannabis-infused beverage market in Canada could reach as high as $3 billion, Molson Coors predicts. The company is developing a portfolio of cannabis-infused drinks that are expected to be early entrants to the market when Canada legalizes edible cannabis next year.
A new study expects domestic wine packaging to increase 4.4% each year to hit $3 billion by 2019, with demand coming from millennials' growing preference for wine. Glass will continue its supremacy in wine packaging, though growth is expected to be largest outside of the standard 750-ml size.
Kraft Foods Group has authorized a $3 billion stock repurchase program, the first since the company became an independent entity in October 2012. Under the buyback program, which has no end date, the timing and amount of stock repurchases will be evaluated by the management according to market condition and other factors, the company said in a statement.