USA: Hormel acquires nut butter firm Justin’s
Hormel, the meat and packaged foods company, has announced the acquisition of nut butter firm Justin's in a deal reported by the Denver Post to be worth $286 million.
Established in Colorado in 2004, Justin’s markets four nut butter-based snack lines – namely spreads, squeeze packs, peanut butter cups and snack packs. Its nut butters are promoted as being "finely crafted with a one-of-a-kind grinding process to create an exceptional texture and flavor experience".
Commenting on the acquisition, Jeffrey M. Ettinger, chairman of the board and chief executive officer at Hormel Foods, said: "Justin’s® naturally delicious, high-quality nut butters, nut butter snacks and organic peanut butter cups align perfectly with our goal of complementing our existing brands with new offerings that resonate with younger, on-the-go and more health-conscious consumers".
Hormel is already active in the nut butter space with the Skippy brand of peanut butter, which it acquired from Unilever in 2013.
Source: Hormel / Denver Post