General Mills to acquire pet snack brands from Tyson Foods in $1.2B deal
Golden Valley-based General Mills announced Friday it will acquire Tyson Foods’ pet treats business in a deal valued at $1.2 million.
The deal includes the Nudges, Top Chews and True Chews brands.
"By adding these trusted pet treat products to our portfolio, we are strengthening our position in this attractive category," Bethany Quam, president of General Mills Group’s pet segment, said in a statement, calling pet food a "high-growth category."
Tyson Foods’ pet treats portfolio reportedly generated more than $240 million in net sales in the 12 months that ended April 3, 2021, according to General Mills. General Mills is also taking over a manufacturing facility in Independence, Iowa, as part of the acquisition.
General Mills states it expects to complete the transaction in the first quarter of fiscal year 2022, pending regulatory approval and other closing conditions.
Sales for the pet segment have increased in recent years, according to General Mills, and this latest acquisition adds to the business created by the company’s $8 billion purchase of pet products company Blue Buffalo in April 2018.