USA: General Mills acquires Tyson Foods’ pet treats business

US food giant General Mills has announced that it has reached an agreement to acquire Tyson Foods’ pet treats business.

According to General Mills’ press release, the move is part of the company’s strategy to reshape its portfolio for growth by adding an ‘attractive’ business to the fast-growing pet platform.

Bethany Quam, General Mills group president, pet segment said: “Pet food is a high-growth category, fueled by the humanization of pets, a trend that has only increased during the pandemic. By adding these trusted pet treat products to our portfolio, we are strengthening our position in this attractive category. This acquisition is highly complementary to our existing business, combining BLUE’s leading position in natural pet food with Nudges, Top Chews, and True Chews strong portfolio of natural meat treats for pets. We’re excited for the opportunity to provide pet parents with more ways to feed and treat their pets like family.”

General Mills acquired the business for $1.2 billion in cash, in a transaction that provides an estimated tax benefit of $225 million, equating to an effective purchase price of $975 million, according to sources.

Source: General Mills press release