General Mills to sell off European assets

Global grain products leader General Mills announced the sale of a large asset last week. The company has agreed to sell its European dough businesses, which produce branded and private label products, to Cérélia. The French ready-to-bake dough company was founded in 1974, and has multiple European brands under its ownership.

​​ 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,” said the company. “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.”

General Mills’ portfolio of brands includes well-known 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, Minn., General Mills generated net sales of $18.1 billion in fiscal 2021.