General Mills Continues Portfolio Reshaping Strategy with Acquisition of Tyson Foods’ Pet Treats Business
“This acquisition advances our Accelerate strategy and further reshapes our portfolio for growth by adding an attractive business to our fast-growing Pet platform,” said General
“Pet food is a high-growth category, fueled by the humanization of pets, a trend that has only increased during the pandemic,” said
The company intends to fund the acquisition with cash on hand and short-term borrowing. The transaction is expected to be modestly accretive to General Mills earnings in the first 12 months following completion, excluding transaction and integration expenses. The company expects the transaction to close in the first quarter of fiscal 2022, subject to regulatory approval and other customary closing conditions.
Barclays is acting as exclusive financial advisor to General Mills and
About General Mills
General Mills is a leading global food company whose purpose is to make food the world loves. Its brands include Cheerios, Annie's, Yoplait,
Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations and assumptions. These forward-looking statements, including statements about the pending transaction and its timing, expected impact on earnings, and expected tax benefits, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Some of these risks and uncertainties include that conditions to closing of the transaction may not be satisfied on the expected timeline or at all; the transition and integration of the acquired business may be more difficult or costly than expected; the acquired business may not achieve expected results; and changes in tax laws may affect the availability of anticipated tax benefits. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances.
Source: General Mills