General Mills has reached an agreement to sell its Argentina bakery and foodservice business to Grupo Bimbo, one of the world’s leading baking companies, subject to regulatory approval.
General Mills will continue to operate its growing retail food business in Argentina, including the La Salteña brand.
The sale includes the General Mills bakery and foodservice business and all associated facilities, equipment, land and inventory in Argentina – as well as employment contracts for the production and salaried staff. General Mills bakery and foodservice employs about 360 people and the company expects job impact to be minimal.
‘We would like to thank members of the Argentina bakery and foodservice team, who have performed well despite challenging conditions,’ said Sean Walker, President of General Mills Latin America. ‘Having assessed our performance in the current business environment, we have determined that we need to prioritize other growth opportunities within our Latin American portfolio.’
General Mills has operated the bakery and foodservice business in Argentina since 2001, when it took over the business as part of its Pillsbury acquisition. The portfolio includes breads, pastries, small baked goods and Medialunas, the Argentinian version of croissants.
General Mills expects to complete the transaction by May 2nd, 2016.
Source: General Mills
Cécile Béliot has assumed the role of Bel Group chief executive officer, following the decision to separate the roles of chairman and CEO. The separation of the functions will enable Bel Group to develop in three areas of healthy snacking. Meanwhile, the company’s former CEO, Antoine Fiévet, has had his mandate renewed as chairman of the board.
US Food and Drug Administration (FDA) Commissioner Dr. Robert Califf was grilled by lawmakers during a House Appropriations subcommittee hearing, where he was slammed over the agency’s handling of the escalating infant formula shortage.
Sweegen is ramping up its efforts to reduce sugar across F&B applications while simultaneously tapping into the benefits of using antioxidants and bitter blocking technology. Speaking to FoodIngredientsFirst, Casey McCormick, vice president of global innovation at Sweegen, says product developers can find a broad range of solutions in Sweegen’s nature-based sweetener systems as brands elevate better-for-you foods.
