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March 23, 2021, 8:58 a.m. EDT

General Mills to sell its stake in Yoplait European operations, take ownership of Canadian Yoplait business

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By Tonya Garcia

General Mills Inc. /zigman2/quotes/206659526/composite GIS -0.55% said Tuesday that it has entered into a memorandum of understanding to sell its 51% stake in European Yoplait operations to French dairy cooperative Sodiaal. In exchange, the food company will take full ownership of the Canadian Yoplait business, acquiring Sodiaal's 49% ownership, and royalty-free use of the Yoplait and Liberté brands in the U.S. and Canada. The European Yoplait business that Sodiaal is taking had net sales of $740 million in 2020. General Mills' wholly-owned yogurt operations in the U.S. and Canada generated $1.4 billion in net sales in fiscal 2020. "[W]e're taking another step toward advancing our Accelerate strategy and further reshaping our portfolio to drive profitable growth for the long term," said General Mills Chief Executive Officer Jeff Harmening in a statement. "This transaction improves our growth profile, enhances our margins, and creates value for our shareholders. Additionally, it increases our focus on the brand platforms that have the greatest growth potential." The transaction is expected to close by the end of 2021. Other General Mills brands include Pillsbury, Betty Crocker, and Cinnamon Toast Crunch cereal, which was getting a lot of attention on Twitter Tuesday morning for what one customer says he found in a box . General Mills stock has gained 30% over the past year while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.18% is up 76.1% for the period.

/zigman2/quotes/206659526/composite
US : U.S.: NYSE
$ 61.43
-0.34 -0.55%
Volume: 3.39M
Dec. 1, 2021 4:00p
P/E Ratio
16.30
Dividend Yield
3.32%
Market Cap
$37.41 billion
Rev. per Employee
$517,914
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/zigman2/quotes/210599714/realtime
US : S&P US
4,513.04
-53.96 -1.18%
Volume: 3.04B
Dec. 1, 2021 5:04p
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