Updated:
Original:

General Mills sells Green Giant for $765M, 'small number' of layoffs possible

Author:

The Jolly Green Giant is leaving Minnesota after General Mills agreed to sell the iconic brand to B&G Foods Inc. for $765 million in cash.

The Golden Valley-based food producer announced in a press release Thursday it sold Green Giant and its Le Sueur canned vegetable brand to the New Jersey company, which owns Molly McButter cheese flavoring and Pirate's Booty rice-and-corn puffs.

General Mills, which employs 42,000 worldwide, had put the frozen vegetable brand up for sale in March, and said it plans to use the proceeds to pay for share buybacks and reduce its debt.

The Star Tribune notes the company owns several factories for Green Giant and also contracts with Seneca Foods for its canned vegetable products, which has four plants in Minnesota and 16 in other states.

The newspaper adds it is unclear how many Minnesota employees will be affected by the sale, but that the company is working to minimize the number who will lose their jobs, with a spokesperson saying the number is expected "to be small."

The Associated Press reports the sale is a sign of General Mills "trying to adapt to shifting U.S. tastes," moving away from packaged and frozen foods at a time when sales are declining.

The company has been changing its focus to cater to the growing demand for more organic and natural products, making its famous Cheerios cereal brand gluten-free, using 100 percent cage-free eggs as ingredients in its products, and expanding its Yoplait yogurt brand.

As part of its restructuring, the company announced up to 725 layoffs earlier this year, however the majority of those were outside of Minnesota.

Next Up

moose minnesota usfws - flickr

MN homeowner mistakes large tent for dead moose

They spotted two people on a security camera dragging the "moose" across a driveway.

Flickr - minneapolis police officer close-up belt camera - Tony Webster

What happens if Mpls. public safety question passes? City memo provides answers

The memo was sent to the mayor and council members Tuesday morning.

Wild

COVID-19 hits Minnesota Wild coaching staff

The Wild will be shorthanded for Tuesday night's game in Vancouver.

Anthony Edwards

Ant takes alpha role after bad loss: 'We need to lock the f*** in'

The Timberwolves' rising star was not happy after Monday's loss to the Pelicans.

parker eisinger

Lakeville football player diagnosed with cancer week before playoffs

The tenth-grader was diagnosed with a form of cancer most commonly found in people aged 65 and older.

University of Minnesota peeping tom suspect

Someone keeps trying to film showering women at U of M

The university has received three reports in the past two weeks.

john Fluevog shoes 1

John Fluevog Shoes closes its Uptown Minneapolis store

The brand could return to the Twin Cities one day.

sidecar drink

Sidecar — Town Hall's new cocktail lounge — is officially open in Minneapolis

It's the fifth Town Hall location, but the first to focus on cocktails.

Screen Shot 2019-07-18 at 9.10.30 AM

Here's where DFLers stand on Minneapolis' public safety ballot question

The question would create a Department of Public Safety and remove some requirements.

Arthur Kollie

Man pleads guilty to brutal murder of 14-year-old girl in Fargo

The 14-year-old girl was the victim of a random attack outside a Fargo strip mall.

Minneapolis Mayoral Candidates 2021 - jacob frey sheila nezhad kate knuth

Here's who has endorsed the frontrunners for Minneapolis mayor

Politicians and community groups are voicing their opinions.

Related