New York • The maker of Spam is bulking up on its protein with Muscle Milk.
Hormel Foods said it will pay $450 million to acquire CytoSport, which owns Muscle Milk sports nutrition drinks, bars and powders. The move builds on Hormel's push to expand beyond its stable of packaged meats, which include Dinty Moore stews and its namesake chili. Last year, Hormel also added Skippy peanut butter to its lineup.
In a call with analysts Tuesday, Hormel CEO Jeff Ettinger said people are increasingly looking for portable, easy-to-eat products packed with protein. It's why the company recently introduced Rev snack packs, which are wraps filled with meat and cheese, and Skippy Singles, which are portion-controlled packs of the peanut butter.