MINNEAPOLIS -- General Mills announced it has signed an agreement to sell a portion of its Bakeries & Foodservice frozen dough business to Itasca, Ill.-based Pennant Foods.
Pennant Foods is a member of the Fresh Start Bakeries Family of Companies, which operates more than 25 bakeries in nine countries on four continents. The sale includes four plants located in Bakersfield, Calif; Hazleton, Pa.; Montreal, Canada; and Vinita, Okla.
"The addition of these capabilities will greatly enhance Pennant's ability to serve the growing needs of our key customers, as well [image-nocss] as open new markets to the company", said Jim Clough, president of Pennant Foods. "We are a customer-centric organization that has enjoyed a strong market position over the years, and this strategic acquisition is indicative of our overall optimism and commitment to growth in our focus categories."
The transaction is expected to be completed by the end of the fiscal year. General Mills acquired the four facilities in 2001, as part of the Pillsbury acquisition.
"Our objective is to build on and broaden the products and services we provide to our customers in the global bakery products market", said Craig Olson, president and CEO of Fresh Start Bakeries. "Pennant has been a strong and reliable performer for Fresh Start, and I am confident that the synergies of this acquisition will both solidify and grow the value we provide to our customers."
General Mills operates in over 100 countries and markets more than 100 consumer brands, including Cheerios, H aagen-Dazs, Nature Valley, Betty Crocker, Pillsbury, Green Giant, Old El Paso, Progresso, Cascadian Farm, Muir Glen, and more. Based in Minneapolis, General Mills had fiscal 2008 global net sales of $14.9 billion.
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