Welcome to our dedicated page for General Mills news (Ticker: GIS), a resource for investors and traders seeking the latest updates and insights on General Mills stock.
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.
The 51st Pillsbury Bake-Off® Contest is now open, introducing a unique 'Ovens Off' challenge for participants. For the first time, contestants will create recipes without using any ovens, utilizing appliances like air fryers and grills. The grand prize includes $50,000, along with an additional $50,000 donation to a charity of the winner's choice. This contest reflects rising cooking trends and consumer preferences for non-oven recipes. Entries are accepted until August 14, with winners announced on October 3.
Eagle Foods has successfully acquired the Helper and Suddenly Salad brands from General Mills (NYSE: GIS) as of July 5, 2022. This strategic acquisition, first announced on May 25, aims to diversify Eagle's food offerings and enhance its center store category for retailers. CEO Bernard Kreilmann highlights a commitment to growth by investing in category development, R&D, and marketing, aiming to provide families with more convenient meal options. The acquisition adds to Eagle's existing platforms in snacks, baking, and meals.
General Mills has finalized the sale of its Helper main meals and Suddenly Salad side dishes businesses to Eagle Family Foods Group for approximately $610 million. This deal includes brands that generated net sales of about $235 million in fiscal 2021. General Mills has already incorporated this transaction into its Fiscal 2023 guidance shared on June 29, 2022. The company, headquartered in Minneapolis, reported fiscal 2022 net sales of $19.0 billion.
General Mills declared a 6% dividend increase reflecting confidence in its performance. For the full year, net sales rose 5% to $19 billion, while operating profit increased 11% to $3.5 billion. In the fourth quarter, net sales jumped 8% to $4.9 billion and diluted EPS surged 98% to $1.35. The company anticipates 4%-5% organic net sales growth in fiscal 2023, despite headwinds from inflation and supply chain issues. Strategic acquisitions and divestitures aim to enhance growth, although they may reduce EPS growth by 3%.
General Mills (NYSE: GIS) has successfully acquired TNT Crust, a leading manufacturer of frozen pizza crusts, previously owned by Peak Rock Capital. TNT Crust has shown remarkable growth, achieving approximately $100 million in net sales for 2021, with double-digit annual growth over four years. The acquisition includes two manufacturing facilities in Green Bay, Wisconsin, and one in St. Charles, Missouri, which will enhance General Mills' operational capabilities and market reach in the foodservice and retail sectors.
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.