Hormel Foods Corp. may be on the verge of its latest acquisition.

Reuters reported Thursday the Austin-based company is in advanced talks to buy Applegate Farms LLC for a deal possibly worth $600 million to $1 billion.

Applegate Farms, based in Bridgewater, New Jersey, produces organic deli meats, hotdogs, bacon and sausages, among other products.

The deal could boost Hormel’s protein offerings, according to reports.

If finalized, the deal would make the third year in a row Hormel made a significant acquisition. Hormel acquired Skippy peanut butter for $700 million in 2013 and CytoSports Holdings for $450 million in 2014.

The company acquired Wholly Guacamole dip in 2011, Country Crock and Don Miguel in 2010 and MegaMex Foods in 2009. Hormel was also rumored to be interested in buying the Ragu brand, but it sold to Japan’s Mizkan Group in 2013.

Applegate Farms representatives could not be reached for comment and Hormel declined comment.