General Mills To Sell European Dough Businesses To Cérélia - Quick Facts

(RTTNews) - General Mills (GIS) announced Wednesday that it has agreed to sell its European dough businesses to Cérélia, a global leader in ready-to-bake dough solutions. Financial terms of the deal were not disclosed.

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 of the transactions is expected to close by the end of fiscal 2022, with the German transaction subject to appropriate labor consultations, regulatory approvals, and other customary closing conditions.

These divestitures represent another step in the General Mills Accelerate strategy, which is centered on clear priorities on where to play - across geographies as well as platforms and brands - to drive long-term, superior shareholder returns.

As part of the strategy, the company intends ti increase its focus on advantaged global platforms, which include Mexican food, super-premium ice cream and snack bars.