General Mills acquires full ownership of Canadian business from Yoplait following sale of European operations
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The deal, which was originally announced in March 2021, is part of General Mills’ (dubbed ‘Accelerate’) broader strategy to reshape and refocus its portfolio on other product segments. In exchange, General Mills acquired Sodiaal’s 49% stake in Yoplait Canada Holding Co., which generated net sales of $ 290 million in fiscal 2020. Under the agreement, General Mills now operates with a reduced royalty rate for the use of Yoplait and Liberty. brands in the United States and Canada.
“This transaction allows us to accelerate the growth of our Europe and Australia segment by focusing more on our advantageous global platforms, including Mexican food, premium ice cream and snack bars,” commented Dana McNabb, President of General Mills’ Europe group. & Australia segment.
“This transaction improves our growth profile, improves our margins and creates value for our shareholders. In addition, it increases our focus on the branded platforms that have the greatest growth potential, â€said Jeff Harmening, President and CEO of General Mills, when announcing the deal earlier this year.
“At the same time, we are delighted to return the European Yoplait activity to the original creator of the brand and to our trusted partner, Sodiaal. The General Mills team will work diligently alongside Sodiaal to ensure a smooth transition as this company enters its next chapter.
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