MINNEAPOLIS, Minn.—General Mills Inc. is bidding adieu to Green Giant, at least in the Americas.
The multinational food company has reached a definitive agreement to sell its Green Giant and Le Sueur vegetable businesses to B&G Foods, Inc. for approximately $765 million in cash, subject to an inventory adjustment at closing.
General Mills said it will continue to operate the Green Giant business in Europe and select other export markets under license from B&G Foods.
“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,” the company said.
General Mills said the Green Giant and Le Sueur businesses included in the proposed transaction generated annual net sales of approximately $585 million in fiscal 2015.
The transaction, which is subject to regulatory approval, is expected to close by the end of the calendar year.