Eagle Foods Completes Acquisition of Two Iconic Brands from General Mills
Eagle Foods has successfully acquired the Helper and Suddenly Salad brands from General Mills (NYSE: GIS) as of July 5, 2022.
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Rhea-AI Summary
Eagle Foods has successfully acquired the Helper and Suddenly Salad brands from General Mills (NYSE: GIS) as of July 5, 2022. This strategic acquisition, first announced on May 25, aims to diversify Eagle's food offerings and enhance its center store category for retailers. CEO Bernard Kreilmann highlights a commitment to growth by investing in category development, R&D, and marketing, aiming to provide families with more convenient meal options. The acquisition adds to Eagle's existing platforms in snacks, baking, and meals.
Positive
- Acquisition of iconic brands Helper and Suddenly Salad enhances product portfolio.
- Strategic move to diversify food offerings and improve center store categories for retailers.
- CEO emphasizes investment in R&D and marketing to drive growth.
- Expansion into convenient meal solutions aligns with consumer demand.
Negative
- None.
Details
News Market Reaction – GIS
The recorded move for GIS in the trading session of this news was -0.84%.
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- Helper and Suddenly Salad expand Eagle's diversified food platform, helping retailers grow center store category
CLEVELAND, July 5, 2022 /PRNewswire/ -- Eagle Foods announced today that it has completed its acquisition of the iconic Helper main meals and Suddenly Salad side businesses from General Mills, Inc. (NYSE: GIS). The acquisition, previously announced on May 25, 2022, signals Eagle's latest move to further diversify its food platform to help families.
"Our investment in these two iconic brands signals an exciting and important next step in the continued growth of Eagle Foods," said Bernard Kreilmann, Chief Executive Officer of Eagle Foods. "We plan to drive growth in convenient meal solutions by investing in the category and brands, providing more tasty, easy-to-prepare, and affordable meal options for families."
The acquisition creates three diversified food platforms within Eagle Foods focused on growing center store categories for retailers – snacks, baking, and meals and sides. Eagle plans to continue investing in its growing snacks and milk business in parallel with this new investment.
"Eagle Foods has been successful in driving brand and category growth by investing in R&D, innovations, marketing, and strong supply chain efficiencies," added Kreilmann. "As the leader in the sweetened condensed milk category, we consistently drive sales and share growth by bringing new households into the category. We expect to do more of the same with Helper and Suddenly Salad."
At Eagle Foods we are builders. We are builders of brands, categories, and people. Eagle Foods enjoys a rich heritage with brands that have proven category leadership for more than 150 years. Eagle is a diversified food company producing and marketing canned sweetened condensed and evaporated milk and snacks products. As a company, Eagle Foods is passionate about fostering an entrepreneurial spirit that boldly builds better people and better brands while focusing on the positive impact our company, our products and our people have on the world. Eagle Foods has a bold family of brands that consumers have come to rely on for decades, including Eagle Brand® Sweetened Condensed Milk and Evaporated Milk, Magnolia® Sweetened Condensed Milk, PET® Milk, Milnot Evaporated Milk, Popcorn Indiana, and Cretors Popcorn. Eagle Foods products are marketed and distributed across all U.S. retail channels, including grocery stores, club stores and mass-merchandisers, as well as foodservice and export, U.S. military, and private label business. For more information, visit EagleFoods.com.
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SOURCE Eagle Foods
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