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General Mills Takes On Tyson s Pet Treats Business for $1 2B
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Image courtesy of General Mills Acquisition strengthens General Mills’ position in fast-growing US pet food category
General Mills has entered into a definitive agreement to acquire Tyson Foods’ pet treats business for $1.2 billion in cash in a transaction that provides an estimated tax benefit of $225 million, equating to an effective purchase price of $975 million.
The business, which includes the Nudges, Top Chews, and True Chews brands, is the leader in natural meat treats for pets.
“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 Mills chairman and chief executive officer, Jeff Harmening. “Today’s announcement reinforces our commitment to using all capital allocation levers – including investment in the business, dividend growth, strategic acquisitions, and share repurchases – to drive top-tier shareholde
Tyson Foods Selling Independence Plant, Pet Treats Business
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A northeast Iowa manufacturing plant will likely be operating under new ownership by the end of this year.
Tyson Foods, Inc. recently announced plans to sell its pet treat production facility in Independence to General Mills, Inc. for approximately $1.2 billion. The sale is expected to be complete by October, pending regulatory approval and other customary closing conditions.
Once the transaction is finalized, Tyson Foods’ pet treats business and the nearly 300 people who work at the Independence plant will become part of General Mills.
The transaction also includes Tyson s Nudges, True Chews and Top Chews brands. In a press release, Tyson officials said their company will continue to provide meat ingredients for the pet treats business after General Mills assumes ownership.
Tyson Foods Selling Independence Plant, Pet Treats Business
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