Benzinga | Nov 24, 2021 08:01AM EST

General Mills Announces Proposed Sale Of European Dough Businesses To Crlia; Terms Not Disclosed

General Mills (NYSE:GIS) today announced that it has agreed to sell its European dough businesses to C?r?lia, a global leader in ready-to-bake dough solutions.

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. Internationally, the strategy includes efforts to reshape the company's portfolio for sustainable, profitable growth by increasing its focus on advantaged global platforms, which include Mexican food, super-premium ice cream and snack bars.