Minnesota-based General Mills is putting its famous Green Giant frozen and canned vegetable brand up for sale, Reuters is reporting.
The food giant, which employs 42,000 worldwide and has its headquarters in Golden Valley, has been working with investment bank Rothschild on a potential sale, according to the news agency, which could take place this summer.
The Star Tribune reported earlier this week how the company has been quietly cutting its workforce, with 1,500 employees leaving the company in the past 30 months – around half of which were in the Twin Cities.
These cuts have come as the company is "striving to reinvent itself" in the face of changing consumer tastes, that is seeing more people turn their back on packaged foods that have become General Mills staples, the paper said.
And it appears that a victim of changes to the company could be the Jolly Green Giant, even though the business generates around $700 million in revenue.
One of the challenges facing the company is the struggles seen in its cereal division, which last month led to the announcement that its famous Cheerios brand would be going gluten-free in response to changing demand.
The Wall Street Journal reported last year that the frozen meal industry has also been taking a hit, with sales falling 3 percent between 2009 and 2013 as shoppers move toward fresher foods.
Reuters says that this is seeing larger companies start to sell underperforming brands and buy up healthier companies to add to their portfolios.
Both General Mills and Rothschild would not comment on the story.