pet treats business for $1.2 billion in cash, as the cereal maker builds its pet food portfolio at a time people are increasingly adopting cats and dogs.
The bet has paid off for the company as consumers staying at home have adopted more pets over the past year to help relieve stress during the COVID-19 pandemic, and are buying premium foods for their pets."Pet food is a high-growth category, fueled by the humanization of pets, a trend that has only increased during the pandemic," said Bethany Quam, General Mills' pet food segment president.
General Mills expects the acquisition to modestly add to its earnings in the first 12 months after the deal, which is expected to close in the first quarter of fiscal 2022.
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