General Mills (NYSE: GIS) said today that it has signed a definitive
agreement to acquire Yoki Alimentos S.A., 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 May 28, 2012, after satisfaction of
customary closing conditions.
Yoki is a family-owned Brazilian company established in 1960. Today, its
Yoki and Kitano branded products hold leading market positions in
several attractive and growing food categories, including snacks
(popcorn and snack nuts), convenient meals (side dishes, dry soups),
basic foods (grains and beans), and seasonings. Yoki employs more than
5,000 people, and has established a strong operating infrastructure in
Brazil, including multiple manufacturing plants and national retail
distribution. Yoki reported IFRS sales of R$ 1.1 billion 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.”
Mitsuo Matsunaga, Yoki’s Chief Executive Officer, said “I am very
pleased to see our Yoki brands and businesses joining General Mills. Our
family is confident that General Mills' global capabilities, combined
with Yoki's outstanding employees and brand portfolio, will lead to
accelerated growth in Brazil for years to come.”
As one of the biggest and fastest-growing economies in the world, Brazil
is an attractive consumer market. A majority of its 200 million people
now belong to the middle class and domestic consumption has become an
important economic growth driver.
General Mills’ international operations have been growing rapidly in
recent years. Fiscal 2012 international segment net sales are expected
to exceed US $4 billion, including sales from the Yoplait International
yogurt business acquired July 1, 2011.