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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

General Mills Announces Proposed Sale of European Dough Businesses to Cérélia

November 24, 2021 GMT

MINNEAPOLIS--(BUSINESS WIRE)--Nov 24, 2021--

General Mills (NYSE: GIS) today announced that it has agreed to sell its European dough businesses to Cérélia, a global leader in 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 of the transactions 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 another 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, superior shareholder returns. 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.

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About General Mills
General Mills makes food the world loves. The company is guided by its Accelerate strategy to drive shareholder value by boldly building its brands, relentlessly innovating, unleashing its scale and being a force for good. Its portfolio of beloved brands includes household names such as Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Annie’s, Wanchai Ferry, Yoki and more. Headquartered in Minneapolis, Minnesota, USA, General Mills generated fiscal 2021 net sales of U.S. $18.1 billion. In addition, the company’s share of non-consolidated joint venture net sales totaled U.S. $1.1 billion.

Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations and assumptions. These forward-looking statements, including statements about the pending transaction and its timing, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Some of these risks and uncertainties include that conditions to closing of the transaction may not be satisfied on the expected timeline or at all. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20211124005975/en/

CONTACT: (analysts) Jeff Siemon: 763-764-2301

(media) Kelsey Roemhildt: 763-764-6364

KEYWORD: MINNESOTA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: FOOD/BEVERAGE RETAIL

SOURCE: General Mills

Copyright Business Wire 2021.

PUB: 11/24/2021 08:00 AM/DISC: 11/24/2021 08:02 AM

http://www.businesswire.com/news/home/20211124005975/en