General Mills announced it has reached an agreement to sell its South Africa foodservice business to Rhodes Food Group.
General Mills had announced in July a preliminary decision to exit the foodservice business in South Africa pending consultation with employees.
General Mills continues to invest in its retail businesses in South Africa, which are growing and performing well.
The effective date of the acquisition is expected to be November 30, 2015.
Rhodes Food Group is a top 10 listed food company on the Johannesburg Stock exchange.
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