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Exhibit 99.2 Kraft Heinz KRAFT HEINZ ANNOUNCES AGREEMENT TO SELL ITS NUTS BUSINESS TO HORMEL FOODS Transaction Expected to Close in First Half of 2021 , Subject to Regulatory Approvals PITTSBURGH & CHICAGO – February 11 , 2021 – The Kraft Heinz Company ( " Kraft Heinz " or the " Company " ) announced today that it has entered into a definitive agreement to sell its nuts business to Hormel Foods Corporation in a cash transaction for $ 3.35 billion . The proposed transaction is expected to close in the first half of 2021 , subject to regulatory review and approval . The transaction includes most products sold under the Planters brand , including single variety and mixed nuts , trail mix , Nut - rition products , Cheez Balls , and Cheez Curls , as well as Corn Nuts branded products . The transaction also includes global intellectual property rights to the Planters brand , subject to existing third - party licenses in certain international jurisdictions , and to the Corn Nuts brand . " This is another momentous step in our rapid transformation of Kraft Heinz , " said Kraft Heinz CEO Miguel Patricio . " It will enable us to sharpen our focus on areas with greater growth prospects and competitive advantage for our powerhouse brands . Within our Real Food Snacking platform , this means more aggressively driving real fuel for kids through Lunchables and real meal alternatives like P3 . " As part of the Kraft Heinz operating model , consumer - driven platforms and platform roles help to focus its efforts within each geographic segment . Kraft Heinz prioritizes growth areas and takes strategic actions where appropriate . " This is a great example of using agile portfolio management to improve our growth trajectory , " said Kraft Heinz CFO Paulo Basilio . " As we move forward , we plan to continue deleveraging as we explore accretive investments to accelerate our strategy . " The business being sold contributed approximately $ 1.1 billion to Kraft Heinz's net sales for fiscal year 2020 , primarily in the U.S. segment . Under the terms of the agreement , Kraft Heinz will sell its Corn Nuts production facility in Fresno , Calif . , and Planters production facilities in Fort Smith , Ark . , and Suffolk , Va . These facilities and their employees will continue to operate in ordinary course . Perella Weinberg Partners served as the exclusive financial advisor to Kraft Heinz for this transaction , while Gibson , Dunn & Crutcher LLP served as its legal advisor . 1