General Mills Inc said on Friday it would buy Tyson Foods Inc’s pet treats business for $1.2 billion in cash, as the cereal maker builds its pet food portfolio at a time people are increasingly adopting cats and dogs.
The deal would add Nudges, Top Chews and True Chews brands to General Mills’ portfolio that already includes Blue Buffalo pet foods label. The Cheerios maker bought Blue Buffalo for $8 billion in 2018, betting on the fast-growing pet foods segment.
General Mills’ sales of pet foods rose 13% for nine months ended Feb. 28, while Tyson Foods’ pet treats portfolio recorded more than $240 million in net sales in the 12 months ended April 3.
Read more at Reuters
