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GENERAL MILLS, INC.

(GIS)
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General Mills Announces Proposed Sale of European Dough Businesses to Cerelia

11/25/2021 | 08:20am EST

MINNEAPOLIS- General Mills (NYSE: GIS) today announced that it has agreed to sell its European dough businesses to Cerelia, 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.

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, Haagen-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.

(analysts) Jeff Siemon: 763-764-2301

(media) Kelsey Roemhildt: 763-764-6364

Source: General Mills

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2022 18 829 M - -
Net income 2022 2 292 M - -
Net Debt 2022 11 694 M - -
P/E ratio 2022 18,5x
Yield 2022 2,95%
Capitalization 42 164 M 42 164 M -
EV / Sales 2022 2,86x
EV / Sales 2023 2,83x
Nbr of Employees 35 000
Free-Float -
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 69,90 $
Average target price 65,58 $
Spread / Average Target -6,17%
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Managers and Directors
Jeffrey L. Harmening Chairman & Chief Executive Officer
Kofi A. Bruce Chief Financial Officer
Jodi J. Benson Chief Innovation, Technology & Quality Officer
Jaime Montemayor Chief Technology & Digital Officer
Stephen A. Odland Lead Independent Director
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