General Mills, Inc. is selling its North American yogurt business to French companies Lactalis Group and Sodiaal for approximately $2.1 billion.
Lactalis Group will acquire the U.S. business and Sodiaal will acquire the Canadian interests under the terms of the agreement. The sale includes brands such as Yoplait, Liberté, Go-Gurt, Oui, Mountain High and Ratio, as well as manufacturing plants in Murfreesboro, Tennessee; Reed City, Michigan; and Saint-Hyacinthe, Quebec.
The North American yogurt business contributed about $1.5 billion to General Mills' fiscal 2024 sales of $19.9 billion, according to the company.
As Reuters reported in April, General Mills has appointed JPMorgan Chase to assist with the sale. In November 2021, the company sold its 51% controlling stake in Yoplait’s European operations to Sodiaal in exchange for full ownership of Yoplait’s Canadian business.
“By managing our portfolio efficiently and increasing our focus on our global platforms and local gemstone brands that have stronger growth prospects and more attractive margins, we will be better positioned to deliver top-tier shareholder returns over the long term,” Harmening said.
The deals are expected to close in 2025.
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