Tyson Foods Selling Successful Pet Treats Business to General Mills for 1.2 Billion Dollars
Springdale, Ark. – May 14, 2021 – Tyson Foods, Inc. (NYSE: TSN) is selling its successful pet treats business to General Mills, Inc. (NYSE: GIS) for approximately $1.2 billion, the company announced today.
The sale of the business, a leading player in natural pet treats, is expected to be completed by the end of the company’s 2021 fiscal year, subject to regulatory approval and other customary closing conditions. It includes the NUDGES®, TRUE CHEWS® and TOP CHEWS® brands, as well as a production facility in Independence, Iowa. Tyson Foods will continue to provide meat ingredients for the pet treats business after General Mills assumes ownership.
“We’re proud of the tremendous success of this business and the diligent work by our team to meet growing demand for high quality pet treats,” said Noelle O’Mara, group president of Prepared Foods for Tyson Foods. “We believe the time is right to transition these great brands to an established pet foods business where they will complement their existing portfolio.”
Sales generated by Tyson’s pet treat business totaled more than $240 million in the 12 months ended April 3, 2021. The market fundamentals are currently strong in the $35 billion pet food industry, which has witnessed an increase in pet ownership during the pandemic.
Tyson Foods’ pet treats business and the approximately 300 team members involved in it will become part of General Mills after the sale is completed.
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May 14, 2021