US food giant General Mills has agreed to sell its European dough business to Cérélia, a global leader in ready-to-bake dough solutions.
The transaction, which is expected to close by the end of fiscal 2022, includes General Mills branded and private label dough business in Germany, the UK, and Ireland, including the Knack & Back and Jus-Rol brands.
According to a statement released by the company, the sale is part of the General Mills Accelerate strategy centered on clear priorities on where to play – across geographies as well as platforms and brands – to drive long-term, superior shareholder returns. Internationally, the strategy includes efforts to reshape the company’s portfolio for sustainable, profitable growth by increasing its focus on advantaged global platforms.
General Mill’s portfolio of brands includes Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Annie’s, Wanchai Ferry, and Yoki.
Source: General Mills