General Mills has agreed to sell its European dough businesses to Cérélia, a global supplier of ready-to-bake dough solutions. The proposed transactions would include General Mills branded and private label dough businesses in Germany, the UK and Ireland, including the Knack & Back and Jus-Rol brands. Each transaction is expected to close by the end of fiscal 2022, with the German transaction subject to appropriate labour consultations, regulatory approvals, and other customary closing conditions. These divestitures represent a step in the General Mills Accelerate strategy, which is “centred on clear priorities on where to play” – across geographies as well as platforms and brands – to drive long-term growth.
“Internationally, the strategy includes efforts to reshape the company’s portfolio for sustainable, profitable growth by increasing its focus on advantaged global platforms, which include Mexican food, super-premium ice cream and snack bars,” the company states.