Hormel Foods Corporation announced it has entered into an agreement to acquire the natural and organic prepared meats producer Applegate Farms, LLC for $775 million.
“A growing number of consumers are choosing natural and organic products. This deal allows us to expand the breadth of our protein offerings to provide consumers more choice,” said Jeffrey Ettinger, chairman of the board, president and CEO at Hormel. “The Applegate team has built a great brand, and consumers can rest assured there will not be any changes to the way Applegate meats are raised and produced. Together, we can provide a faster path to expanded offerings in this high-growth category.”