MINNEAPOLIS--(BUSINESS WIRE)--General Mills (NYSE: GIS) today announced that it has completed the acquisition of Tyson Foods’ (NYSE: TSN) pet treats business for $1.2 billion in cash. The business, which includes the Nudges, Top Chews and True Chews brands, is the leader in natural meat treats for pets.
“This acquisition represents an important step as we reshape our portfolio for growth, in line with our Accelerate strategy,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “This business is a wonderful complement to our BLUE pet food portfolio, and we see a long runway of strong, profitable growth ahead for our combined pet food business.”
Tyson Foods’ pet treats portfolio generated more than $240 million in net sales in the 12 months ended April 3, 2021. As part of the acquisition, General Mills also acquired a manufacturing facility in Independence, Iowa.
About General Mills
General Mills makes food the world loves. The company is guided by its Accelerate strategy to drive shareholder value by boldly building its brands, relentlessly innovating, unleashing its scale and being a force for good. Its portfolio of beloved brands includes household names such as Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Annie’s, Wanchai Ferry, Yoki and more. Headquartered in Minneapolis, Minnesota, USA, General Mills generated fiscal 2021 net sales of U.S. $18.1 billion. In addition, the company’s share of non-consolidated joint venture net sales totaled U.S. $1.1 billion.