General Mills (GIS) to Double LatAm Sales w/ New Brazilian Acquisition
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Price: $39.97 +0.91%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 5.6%
Revenue Growth %: -4.2%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 5.6%
Revenue Growth %: -4.2%
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General Mills (NYSE: GIS) said today that it has signed a definitive agreement to acquire Yoki Alimentos S.A., a privately-held food company headquartered in Sao Bernardo do Campo, Brazil. General Mills currently expects the transaction to close during the first half of its 2013 fiscal year, which begins on May 28, 2012, after satisfaction of customary closing conditions.
Yoki is a family-owned Brazilian company established in 1960. Today, its Yoki and Kitano branded products hold leading market positions in several attractive and growing food categories, including snacks (popcorn and snack nuts), convenient meals (side dishes, dry soups), basic foods (grains and beans), and seasonings. Yoki employs more than 5,000 people, and has established a strong operating infrastructure in Brazil, including multiple manufacturing plants and national retail distribution. Yoki reported IFRS sales of R$ 1.1 billion for the year ended December 2011.
The addition of Yoki will more than double General Mills’ annual sales in Latin America to nearly US $1 billion.
Yoki is a family-owned Brazilian company established in 1960. Today, its Yoki and Kitano branded products hold leading market positions in several attractive and growing food categories, including snacks (popcorn and snack nuts), convenient meals (side dishes, dry soups), basic foods (grains and beans), and seasonings. Yoki employs more than 5,000 people, and has established a strong operating infrastructure in Brazil, including multiple manufacturing plants and national retail distribution. Yoki reported IFRS sales of R$ 1.1 billion for the year ended December 2011.
The addition of Yoki will more than double General Mills’ annual sales in Latin America to nearly US $1 billion.
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