General Mills divests Federalsburg manufacturing facility
General Mills announced it has signed an agreement to divest the manufacturing facility, land and assets of the Federalsburg, Md., plant to Kraft Foods.
Glenview, Ill. - General Mills (NYSE:GIS) announced it has signed an agreement to divest the manufacturing facility, land and assets of the Federalsburg, Md., plant to Kraft Foods. The facility produces bread crumb products used in Stove Top stuffing.
The transaction is expected to be completed during General Mills fourth quarter, which ends May 31. As part of the agreement, approximately 85 hourly and salaried employees will join Kraft Foods. Details of the purchase were not disclosed.
General Mills has operated the business and the facility since 2001 when the business was acquired as part of the Pillsbury acquisition.
The company is prioritizing other growth opportunities within its portfolio.
About General Mills
One of the world’s leading food companies, General Mills operates in more than 100 countries and markets more than 100 consumer brands, including Cheerios, Häagen-Dazs, Nature Valley, Betty Crocker, Pillsbury, Green Giant, Old El Paso, Progresso, Cascadian Farm, Muir Glen, and more. Headquartered in Minneapolis, Minnesota, USA, General Mills had fiscal 2009 global net sales of US$15.9 billion, including the company’s $1.2 billion proportionate share of joint venture net sales.
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