General Mills, Inc. reports developments across a global packaged-food portfolio that includes cereal, snacks, convenient meals, dough, baking products, ingredients, pet food and superpremium ice cream. Recurring updates cover brands such as Cheerios, Nature Valley, Old El Paso, Pillsbury, Betty Crocker, Blue Buffalo, Häagen-Dazs, Gushers, Fruit by the Foot, Fruit Roll-Ups, Lucky Charms and Trix.
Company news also includes quarterly financial results, outlook commentary, product launches, packaging and ingredient initiatives, portfolio actions, pet-food marketing, foodservice and international activity, leadership and board changes, and global responsibility reporting tied to food, agriculture, environmental and community programs.
An affiliate of Peak Rock Capital has completed the sale of TNT Crust LLC to General Mills (NYSE: GIS). TNT, known for its better-for-you pizza crusts, caters to a diverse clientele, including national pizza chains and foodservice distributors. Under Peak Rock's ownership since late 2018, TNT has enhanced its manufacturing capabilities and launched new product lines. The transaction reflects Peak Rock's strategy to support growth in consumer sectors. The new production facility in St. Charles is expected to create over 100 jobs.
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General Mills has partnered with Regrow Agriculture to monitor the environmental impacts of agricultural practices across 175 million acres of farmland in North America, Europe, and South America. This initiative supports General Mills' goal of advancing regenerative agriculture on one million acres by 2030 and reducing greenhouse gas emissions by 30% within its value chain by 2030. The collaboration utilizes Regrow's technology, including satellite imagery and data modeling, to enhance climate tracking and improve emissions baselines, contributing to the company's net-zero emissions target by 2050.
General Mills has announced a multi-year roadmap with the Ecosystem Services Market Consortium (ESMC) to enhance the Eco-Harvest program, which rewards farmers for engaging in regenerative agriculture. Initial funding of $3 million will support the development of Eco-Harvest, targeting U.S. and Canadian regions critical to sourcing ingredients like wheat and corn. The partnership aims to promote sustainable practices and aims for General Mills to achieve net zero emissions by 2050. This initiative aligns with General Mills' commitment to regenerative agriculture on one million acres by 2030.
General Mills is launching a new snack, the Totino’s FaZe Clan Buffalo Chicken Pizza Rolls, in collaboration with FaZe Clan. This fan-requested flavor will be available starting in July, following a preview event from June 3-5 in Los Angeles. Having built on a successful first year of partnership, the new product aims to cater to gaming enthusiasts. This initiative aligns with General Mills' strategy to innovate and respond to consumer demand, enhancing their brand's engagement with younger audiences.
General Mills, Inc. (NYSE: GIS) is scheduled to report its fiscal 2022 fourth quarter and full-year results on June 29, 2022. A press release, along with pre-recorded management remarks and supporting slides, will be available that morning, followed by a webcasted Q&A session at 8:00 a.m. CT. The webcast and related materials can be accessed at www.generalmills.com/investors.
In fiscal 2021, General Mills reported net sales of $18.1 billion and non-consolidated joint venture net sales of $1.1 billion.
Eagle Foods announced its acquisition of the Helper and Suddenly Salad brands from General Mills (NYSE: GIS), enhancing its leadership in the center store category. Expected to finalize in Q3 2022, this strategic move will diversify Eagle's product offerings in snacks, baking, and meals. CEO Bernard Kreilmann emphasized the importance of investing in and revitalizing these iconic brands. With a history of driving growth through R&D and marketing, Eagle aims to expand its market presence and deliver affordable meal solutions to families.
General Mills (NYSE: GIS) has announced a definitive agreement to sell its Helper and Suddenly Salad businesses to Eagle Family Foods Group for approximately $610 million. This divestiture aims to enhance General Mills' North America Retail segment growth by allowing greater focus on more profitable categories. The Helper and Suddenly Salad businesses generated about $235 million in net sales for fiscal 2021. Following the transaction, the company expects an approximate 10 to 11 cents dilution to its adjusted earnings per share in the first year.
General Mills (NYSE: GIS) is set to participate in two upcoming investor conferences. Jon Nudi, Group President of North America Retail, will speak at the RBC Capital Markets Global Consumer & Retail Conference on June 1, 2022, at 12:20 p.m. CT. Jeff Harmening, Chairman and CEO, will present at the dbAccess Global Consumer Conference on June 15, 2022, at 9 a.m. CT. Both discussions will be webcasted and accessible on the General Mills investor website.
General Mills unveils a limited-edition sneaker inspired by Gushers, available in the metaverse from May 25-27. The sneaker features colorful designs and interactive elements, allowing fans to explore ComplexLand. Participants can embark on a 'Sole Quest' for a chance to win the exclusive kicks. Designed by RAL7000STUDIO, the shoe encapsulates Gushers' vibrant essence, aiming to enhance brand engagement. This creative endeavor marks a unique intersection of food and fashion, reinforcing General Mills' strategy to innovate and connect with consumers.