News

General Mills sells iconic Green Giant brand in $765M deal

General Mills aims to pay down debt and repurchase shares with net proceeds from sale.

September 4, 2015

As part of its strategy to focus on future growth General Mills is selling its Green Giant and Le Sueur vegetable business to B&G Foods for $765 million in cash

"The sale reinforces General Mills’ strategic priority to shape its portfolio for growth, focusing its resources on the brands, categories, and geographic markets that have the greatest future growth opportunities," states the company’s news release.

The sale is subject to regulatory approval and is expected to be completed by the end of the calendar year. The release stated that General Mills will use net proceeds to reduce debt and for share repurchases. The two business units being sold off accounted for net sales of $585 million for fiscal 2015.

The release stated the company will provide greater insight on the transaction during its first-quarter earnings report scheduled for Sept. 22.