General Mills has agreed to sell its European dough businesses to Cérélia, a global supplier of ready-to-bake dough solutions. The proposed transactions would include General Mills branded and private label dough businesses in Germany, the UK, and Ireland, including the Knack & Back and Jus-Rol brands.
Each transaction is expected to close by the end of fiscal 2022, with the German transaction subject to appropriate labor consultations, regulatory approvals, and other customary closing conditions.
These divestitures represent a step in the General Mills Accelerate strategy, which is “centered on clear priorities on where to play” – across geographies as well as platforms and brands – to drive long-term growth.
“Internationally, the strategy includes efforts to reshape the company’s portfolio for sustainable, profitable growth by increasing its focus on advantaged global platforms, which include Mexican food, super-premium ice cream and snack bars,” the company states.
Earlier this month, media reports tipped that General Mills could potentially be looking to sell its Progresso soup and Hamburger Helper brands, while no further statement from the company has been made.
Business highlights
General Mill’s portfolio of brands includes Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Annie’s, Wanchai Ferry and Yoki.
Headquartered in Minneapolis, Minnesota, US, the F&B giant generated fiscal 2021 net sales of US$18.1 billion. In addition, the company’s share of non-consolidated joint-venture net sales totaled US$1.1 billion.
In other recent divestments, General Mills moved to sell its 51% controlling interest in Yoplait to Sodiaal, a leading French dairy cooperative, earlier this year. The company took over the same brand Canada while relinquishing its control of the yogurt enterprise outside North America.
Edited by Benjamin Ferrer
Source: foodingredientsfirst.com
In an 8-K filing with the Securities and Exchange Commission, released Oct. 1, General Mills said it aims to close its North America Foodservice pizza crust production plant in St. Charles, Mo., as well as two North America Pet manufacturing facilities in Joplin, Mo.
Several French media outlets, including publication La Lettre, have reported that Carrefour has commissioned financial advisors at J.P. Morgan to manage the sale, with a ‘data room’ now open for prospective buyers to examine the financial details. This move follows Carrefour’s recent sale of over 1,000 stores in Italy.
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