General Mills has said that it has signed a definitive agreement to acquire Yoki Alimentos, a privately-held food company headquartered in Sao Bernardo do Campo, Brazil.
General Mills currently expects the transaction to close during the first half of its 2013 fiscal year, which begins on 28 May, after satisfaction of customary closing conditions.
Yoki employs more than 5,000 people, and has established an operating infrastructure in Brazil, including multiple manufacturing plants and national retail distribution. Yoki reported IFRS sales of R$1.1bn for the year ended December 2011.
Chris O’Leary, General Mills’ executive vice president and chief operating officer International, said: “We are delighted to add Yoki’s talented people and strong brands to General Mills’ growing international business. Yoki adds key capabilities and geographic scale that will accelerate our growth in Brazil.
"We plan to focus on building the strong Yoki and Kitano product portfolio, expanding our current Haagen-Dazs and Nature Valley businesses in Brazil, and introducing additional General Mills brands in this important market over time.”
Source: General Mills
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