American food firm General Mills announced it closed its $1.2 billion purchase of Tyson Foods’ pet treats business on Monday. The transaction includes the Nudges, Top Chews, and True Chews brands of natural meat pet treats, as well as a manufacturing facility in Independence, IA.
“This acquisition represents an important step as we reshape our portfolio for growth, in line with our Accelerate strategy,” the chairman and chief executive officer of General Mills, Jeff Harmening, said in a release. “This business is a wonderful complement to our BLUE pet food portfolio, and we see a long runway of strong, profitable growth ahead for our combined pet food businesses.”
Tyson’s pet treats portfolio brought in over $240 million in net sales over the 12 months that ended on Apr. 3, 2021. Plans for the acquisition were first revealed in May.
Click further to view some other developments in the food and beverage industry that captured headlines over the last week.