General Mills announced that it has completed the acquisition of Tyson Foods pet treats business for $1.2 billion in cash. The business, which includes the Nudges, Top Chews and True Chews brands, is the leading player in natural meat treats for pets.
Jeff Harmening, chairman and chief executive officer, General Mills stated- “This acquisition represents an important step as we reshape our portfolio for growth, in line with our Accelerate strategy. This business is a wonderful complement to our BLUE pet food portfolio, and we see a long runway of strong, profitable growth ahead for our combined pet food business.”
The pet treats portfolio generated more than $240 million in net sales in the 12 months which ended on 3rd April, 2021. As part of the acquisition, the company also acquired a manufacturing facility in Independence, Iowa.
Established in 1866, General Mills, Inc., is an American multinational manufacturer and marketer of branded consumer foods sold through retail stores. It is having its headquarters in Golden Valley, Minnesota, a suburb of Minneapolis, USA. Often known as “Big G”, the company markets many well-acclaimed North American brands, including Gold Medal flour, Annie’s Homegrown, Betty Crocker, Yoplait, Colombo, Totino’s, Pillsbury, Old El Paso, Häagen-Dazs, Cheerios, Trix, Cocoa Puffs, and Lucky Charms. The company manufactures and sells breakfast cereals, yogurt, refrigerated dough, soup, pizza, snack foods, ice cream, soy products, vegetables, flour, other food products, as well as video games.
Previously, Company released a statement when it started the acquisition process altogether and now again it has released statement on completion.