Report: General Mills puts Green Giant up for sale

Author:
Updated:
Original:

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.

Next Up

alphaMPD

Minneapolis police seeks public help finding missing woman

A 63-year-old woman has been missing since Tuesday

coronavirus testing

Don't want to talk to a contact tracer? MN debuts online option after positive test

The department says the survey will allow its staff to keep track of more cases at a faster pace

Family Dollar

Money Gal Coaching: 12 things you are wasting your money on

Kelly Blodgett started Money Gal Coaching after paying down nearly $50K in debt in 18 months.

police lights

Three teens charged in Minneapolis robberies

The incidents took place on Saturday in Minneapolis.

covid-19, coronavirus, ppe

Here is Minnesota's COVID-19 update for Thursday, January 21

It's the first time in exactly four months that Minnesota has had fewer than 100 COVID patients in intensive care.

icy roads, bad roads

Girl, 16, killed in crash with semi on icy Minnesota road

The crash happened in Dodge County around 8 a.m. Wednesday.

police lights

Road rage incident sees driver punch out man's window, punch him in face

The incident happened in Waite Park Wednesday morning.

Screen Shot 2019-10-11 at 7.01.24 AM

Minneapolis will recover $100K in costs connected to 2019 Trump rally

The Target Center operator said it'll pay the costs over three years.

Jacob Frey

Minneapolis Mayor Jacob Frey confirms run for reelection

He has faced criticism over the city's response to George Floyd's death.

Kirk Cousins

Coller: How far away are the Vikings from playing championship weekend?

Matthew Coller writes a weekly Vikings column for BMTN, with more of his work found at Purple Insider.

Related