General Mills selling Green Giant, Le Sueur businesses
September 8, 2015
By Manufacturing AUTOMATION
Sept. 8, 2015 – General Mills is selling its Green Giant and Le Sueur vegetable businesses to B&G Foods for about $765 million in cash.
The company said that the frozen foods sales have been declining and that people also seemed to be shifting to traditional “blocks” of frozen vegetables, which cost less than the vegetable blends and packages with sauces that Green Giant makes.
The Minneapolis, Minn., company — whose brands include Cheerios, Betty Crocker and Pillsbury — will still run Green Giant’s European business and certain other export markets under license from B&G Foods, but it’s cutting free its Green Giant and Le Sueur businesses in Canada, the U.S. and some other markets.
B&G Foods CEO Robert Cantwell said in a written statement that the acquisition will be the Parsippany, N.J., company’s first entry into the frozen food business and he expects future growth opportunities.
— With files from The Associated Press