By Minda Smiley

Minnesota-based Hormel Foods Corporation has announced that it will acquire organic meat brand Applegate Farms for approximately $775m.

The move comes as Hormel, whose brands include Spam, Skippy, and Dinty Moore, tries to appeal to younger and more health-conscious consumers.

Jeffrey M. Ettinger, president and chief executive officer at Hormel Foods, said: “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.”

Based in New Jersey, Applegate will operate autonomously. The deal is expected to close within 60 days.

Stephen McDonnell, Applegate founder and CEO, said: Read full story ›

Source: The Drum