Tyson Foods’ Pet Treats Business to be Sold to General Mills for $1.2 Billion

Tyson Foods’ Pet Treats Business to be Sold to General Mills for $1.2 Billion

General Mills Inc said on Friday it would buy Tyson Foods Inc’s pet treats business for $1.2 billion in cash, as the cereal maker builds its pet food portfolio.

The deal would add Nudges, Top Chews and True Chews brands to General Mills’ portfolio that already includes Blue Buffalo pet foods label.

Tyson Foods’ pet treats portfolio generated more than $240 million in net sales in the 12 months ended April 3.

As part of the deal, which would be funded with cash on hand and short-term borrowing, General Mills would also acquire a manufacturing facility in Independence, Iowa.

The deal is one of General Mills’ biggest after it bought Blue Buffalo for a bumper $8 billion in 2018, making its first bet on the fast-growing pet foods segment.

© 2021 Thomson/Reuters. All rights reserved.

Blogs

What Is Black Fungus?

What Is Black Fungus?

Cases of the infection, known by doctors as mucormycosis, are mounting rapidly in coronavirus patients

Water Parks In Demand

Water Parks In Demand

Summer vacation survey shows what moms want to do–and not to do–kids want swimming and water parks