General Mills On The Lookout For Potential Green Giant Buyer

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As consumer trends for food and diet are shifting to more health conscious ones, restaurants, retailers and companies are starting to change things up to adjust to them.
General Mills, Inc.
GIS
for one has been struggling to keep up sales of its products, such as its cereal brands and its frozen foods business. To counter those weaknesses and cut costs, the company is now looking to sell off its Green Giant frozen and canned vegetable business, reported Reuters. Moreover, earlier this year, the company announced it had official plans to close down its production facilities in Ontario and New Albany, which will in turn result in hundreds of layed off employees. The breakfast cereal and cake mix maker has aimed for savings of more than $400 million for this fiscal year. However, Green Mills may not be the only frozen food retailer struggling due to weak sales. Reuters stated that research firm Euromonitor InternationalIn has reported that overall "U.S. sales of frozen meals have fallen about 3 percent in the last five years." The creator of the renowned Jolly Green Giant figure is said to be working with investment bank Rothschild for the sale to-be. However, both company and firm have declined to officially comment on the news. General Mills, Inc. stock closed down 0.17% today at $51.70.
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