General Mills to acquire Tyson Foods’ pet treats business
For $1.2 billion (€1 billion) in cash, Tyson’s Nudges, Top Chews and True Chews brands will be added to General Mills’ portfolio.
General Mills already bet big on the pet industry previously, with an $8 billion (€ 6.59 billion) acquisition of Blue Buffalo in 2018.
“Pet food is a high-growth category, fueled by the humanization of pets, a trend that has only increased during the pandemic,” said Bethany Quam, General Mills Group President, Pet segment. “By adding these trusted pet treat products to our portfolio, we are strengthening our position in this attractive category. This acquisition is highly complementary to our existing business.”
Tyson Foods’ pet treats portfolio generated more than $240 million (€ 198 million) in net sales in the 12 months ended April 3, 2021. As part of the acquisition, General Mills is also acquiring a manufacturing facility in Independence, Iowa.