General Mills and DuPont Sell 8th Continent Joint Venture to Stremicks Heritage Foods
General Mills and DuPont today announced they sold their 8th Continent soy milk joint venture to Stremicks Heritage Foods, a branded specialty foods company. Terms of the agreement were not disclosed.
Conditions of the sale included a long-term supply agreement from Solae, a DuPont majority-owned joint venture, which has been supplying soy protein to 8th Continent. General Mills and DuPont created 8th Continent in 2000.
General Mills, with annual net sales of $12.4 billion, is a leading global manufacturer and marketer of consumer foods products. Based in Minneapolis, Min., General Mills’ mission is to innovate to make people’s lives healthier, easier, and richer around the world. Its global brand portfolio includes Betty Crocker, Pillsbury, Green Giant, Häagen-Dazs, Nature Valley, Old El Paso and more. It also has more than 100 U.S. consumer brands, more than 30 of which generate annual retail sales in excess of $100 million. General Mills also is a leading supplier of baking and other food products to the foodservice and commercial baking industries.
Solae, a joint venture between DuPont and Bunge, is the world leader in developing innovative soy-based technology to the food, meat and nutritional products industries. Solae provides solutions that deliver a unique combination of functional, nutritional and economic benefits to our customers.
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