Hormel Foods Finalizes the Sale of CytoSport to PepsiCo

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Apr 15, 2019, 16:30 ET

AUSTIN, Minn., April 15, 2019 /PRNewswire/ -- Hormel Foods Corporation (NYSE:HRL) today announced it has completed the sale of its CytoSport business to PepsiCo, Inc. (NASDAQ: PEP).

The transaction purchase price was $465 million, subject to working capital adjustments, and includes the Muscle Milk^® and Evolve^® brands.

ABOUT HORMEL FOODS — Inspired People. Inspired Food.™

Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $9 billion in annual revenues across more than 80 countries worldwide. Its brands include SKIPPY^®, SPAM^®, Hormel^® Natural Choice^®, Applegate^®, Justin's^®, Wholly Guacamole^®, Hormel^® Black Label^®, Columbus^® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named one of "The 100 Best Corporate Citizens" by Corporate Responsibility Magazine for the 10^th year in a row, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. In 2016, the company celebrated its 125^th anniversary and announced its new vision for the future — Inspired People. Inspired Food.™ — focusing on its legacy of innovation. For more information, visit www.hormelfoods.com and http://csr.hormelfoods.com/.