General Mills Reportedly Considers $3 Billion Sale of Progresso, Helper Brands
November 11, 2021 at 07:04 pm EST
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General Mills, Inc. (NYSE:GIS) is considering the sale of its soup brand Progresso and ready-to-eat meals label Helper for $3 billion, Bloomberg News reported on November 11, 2021, citing people with knowledge of the matter. The Cheerios cereal maker is working with Goldman Sachs Group Inc. for the potential sale, which also includes some of its smaller brands, the report said here. The move comes months after General Mills announced the sale of its majority stake in the European operations of Yoplait to French dairy cooperative Sodiaal in exchange for full ownership of the yogurt maker?s Canadian business. Progresso, which General Mills acquired in 2001 when it bought Pillsbury, offers canned soups, broths and chili, while Helper sells boxed pasta meals. The packaged food maker, which acquired Tyson Foods? pet treats business earlier this year, reported upbeat quarterly results in September, riding high on a surge in demand during the pandemic. General Mills and Goldman Sachs both declined Reuters? requests for comment.
General Mills, Inc. is one of the world's leaders in food groups. The group proposes cereal of breakfast, prepared meals, frozen vegetables, pizzas frozen, pasta ready for use, yoghurt, desserts, sauces, etc. notably under brands Cheerios, Pillsbury, Green Giant, Old El Paso, Progresso, Wheaties, Häagen-Dazs, Nature Valley, Betty Crocker and Wanchai Ferry. In addition, General Mills, Inc. sells pet food. The activity is organized around two markets:
- consumer distribution;
- catering and bakery: sale of products to restaurants, to bakeries, operators of vending machines and dishes as well as to cafeterias of schools and companies.
The United States account for 77.4% of net sales.