General Mills to divest European dough businesses to Cérélia
US food company General Mills has agreed to divest its European dough businesses to Cérélia, a provider of ready-to-bake dough solutions, for an undisclosed price.
According to General Mills, the proposed sale will include the company’s branded and private label dough operations in Germany as well as the UK and Ireland. The brands included are Knack & Back and Jus-Rol brands among others.
The transactions are scheduled to be completed by the end of fiscal 2022.
General Mills said that the German deal is contingent on labor consultations, approvals from regulatory authorities, as well as other typical closing conditions.
The US food company stated that the divestitures are a further stage in its accelerate strategy, that is based around clear goals for which areas to focus on, across geographies and brands and platforms in order to ensure longer-term, higher shareholder returns.
Globally, the plan of General Mills is to reshape its portfolio to ensure long-term, profitable growth by focusing on globally-focused platforms that are competitive such as Mexican food, premium Ice cream, and snack bars.