General Mills Inc. said Thursday it is buying privately-held Brazilian packaged-food maker Yoki Alimentos for $958 million, reports the Minneapolis/St. Paul Business Journal.
The price includes the assumption of $98 million in debt, Golden Valley, Minn.-based General Mills said in a filing with the U.S. Securities and Exchange Commission. The company said it expects the deal, which was first rumored in February, to close during the next six months.
Yoki, which was founded in 1960 and is headquartered in Sao Bernardo do Campo, Brazil, has 5,000 employees and about $540 million in annual sales. The company makes popcorn, snack nuts, side dishes, dry soups, grains, beans and seasonings under the Yoki and Kitano brands, according to a General Mills news release.
“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,” Chris O’Leary, General Mills COO-international, said in a statement.
