News Brief
General Mills Acquires Brazilian Food Company
May 29, 2012, 1:33 PM
General Mills has agreed to acquire Brazilian food company Yoki Alimentos for $857 million.
As part of the deal, expected to close during the first half of its fiscal 2013 (which starts May 28, 2012), General Mills will assume $98 million in debt, reports Food Business Review.
The acquisition is expected to more than double General Mills' annual Latin American sales of nearly $1 billion.
The company plans to focus on building the portfolio of Yoki and Kitano products being acquired, expanding its existing Haagen-Dazs and Nature Valley businesses in Brazil, and introducing additional General Mills brands in the market, EVP and COO Chris O'Leary told FBR.
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