Hormel Foods to Buy Applegate Farms for $775 Million
New York Times
Hormel Foods, the company behind brands like Spam and Skippy, announced on Tuesday that it was acquiring Applegate Farms, a maker of natural and organic meats, for about $775 million.
The deal was Hormel’s largest acquisition ever and signaled even more clearly the efforts of Jeffrey M. Ettinger, its chief executive, to diversify the company. It bought Skippy in 2013, and last year it added CytoSport, the maker of the Muscle Milk line of sports drinks, bars and powders, to its portfolio.