Applegate Farms produces chicken nuggets, lunchmeats, meal kits and other items.

AUSTIN, Minn. – Hormel Foods Corp. is nearing a deal to acquire Applegate Farms LLC, Reuters reported. Applegate Farms, Bridgewater, NJ, is a processor of "natural" and organic meat and cheese products.

An announcement could come as early as next week, according to Reuters. Applegate Farms' estimated value is between $600 million and $1 billion.

"As a privately held company, our policy is not to discuss financial matters,” a spokesperson for Applegate Farms said in a statement.