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General Mills announces agreements to sell North American yogurt business to Lactalis & Sodiaal
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Monday, 16 September, 2024, 16 : 00 PM [IST]
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Minneapolis, USA
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General Mills, Inc., announced that it has entered into definitive agreements to sell its North American Yogurt business to Lactalis and Sodiaal, two leading French dairy companies, in cash transactions valued at an aggregate $2.1 billion. Following the completion of the transactions, US and Canadian businesses will operate independently, with Lactalis acquiring US business and Sodiaal acquiring the Canadian business. The proposed transactions are expected to close in calendar 2025, subject to receipt of requisite regulatory approvals and other customary closing conditions.
The divestitures encompass US and Canada operations of several yogurt brands including Yoplait, Liberté, Go-Gurt, Oui, Mountain High, and ratio, as well as manufacturing facilities in Murfreesboro, Tenn, Reed City, Mich, and Saint-Hyacinthe, Québec. Collectively, the North American Yogurt business contributed approximately $1.5 billion to its fiscal 2024 net sales.
Jeff Harmening, chairman and chief executive officer, General Mills, said, “Today’s announcement represents another significant step forward for General Mills in advancing our Accelerate strategy and our portfolio reshaping ambitions,” said “Upon completion of these divestitures, we will have turned over nearly 30 percent of our net sales base since fiscal 2018. By efficiently managing our portfolio and sharpening our focus on our global platforms and local gem brands that have stronger growth prospects and more attractive margins, we will be in a better position to drive top-tier shareholder returns over the long term. We would also like to take this time to thank our North American Yogurt team members for their significant contributions. In Lactalis and Sodiaal, we believe we’ve found the right homes for these businesses, with dairy-focused owners who are well equipped to drive success for our people and growth for these brands into the future.”
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