General Mills to Sell Helper, Suddenly Salad to Eagle
General Mills has entered into a definitive agreement to sell its Helper main meals and Suddenly Salad side dishes businesses to Eagle Family Foods Group, a portfolio company of Kelso & Company, in a cash transaction valued at approximately $610 million. The proposed transaction is expected to close in the first quarter of fiscal 2023, subject to regulatory approval.
“With this divestiture, we are continuing to reshape our portfolio and advance our Accelerate strategy,” said Jon Nudi, General Mills group president, North America Retail. “This transaction improves our North America Retail segment’s growth profile and allows us to increase our focus on brands and categories where we have the best opportunities to drive profitable growth.”
Net sales for the Helper and Suddenly Salad businesses totaled approximately $235 million in fiscal 2021. The company expects the divestiture to be dilutive to its adjusted earnings per share in the range of approximately 10 to 11 cents in the first 12 months after closing, before factoring in any potential benefit from the use of proceeds from the sale. The company will provide more information on the transaction on its fourth quarter earnings call in late June.
Goldman Sachs & Co. LLC served as financial adviser to General Mills for the transaction and Cleary Gottlieb Steen & Hamilton LLP served as legal adviser.
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Barry Callebaut Adds Dairy-Free Organic Chocolate
Barry Callebaut, a leading manufacturer of high-quality chocolate and cocoa products, is expanding its plant-based Plant Craft portfolio by adding dairy-free organic chocolate to its North American line.
Eighty-one percent of consumers are seeking chocolates that not only taste great but are also “good for me and good for the planet,” according to Barry Callebaut’s new report, “The Future of Indulgence,” which was unveiled at the Sweets & Snacks Show May 24.
Dairy-free organic chocolate joins the Plant Craft portfolio including the recently launched dairy-free compound, classic dairy-free chocolates, and cocoa powders. The portfolio also includes nut solutions and Cacaofruit Experiences – the pulp, juice and concentrate directly from the Cacaofruit. The Plant Craft range includes solutions for confectionery, bakery, ice cream applications and beyond.
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Ukraine Seafood Company Struggles to Survive, SeafoodSource Says
As the Russian invasion of Ukraine continues to devastate the nation, one seafood company is working hard to maintain production, despite huge losses such as the loss of 5,000 pounds of frozen fish when a warehouse was destroyed.
SeafoodSource editor Chris Chase looked at how Kiev-based Universal Fish Company, a leading Eastern European fish and seafood processing company, is faring in wartime.
“It is too early to make an estimate, as the hostilities have continued unabated, and the situation remains grim,” UFC’s Tetiana Krupenko is quoted in the article. “We lost over 5,000 tons of frozen fish in the largest warehouse, amounting to USD 15 million [EUR 13.9 million]. Another loss amounting to roughly USD 20 million [EUR 18.6 million] was in the logistic center in occupied part of Kharkiv region.”
Chase writes that the Ukraine seafood company “is eager to resume business inside and outside of Ukraine as soon as possible.”
“It is vitally important to restore our production and business overall and thus to support Ukraine’s economy,” Krupenko told Chase. “Internal demand is much lower now, it is just about very basic items.
“So, any new export request would be highly appreciated. Any new customer from [the] E.U., U.S.A., and [the] rest of the world would be an opportunity for us.”
To read the full article, click here.
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