MINneapolis — General Mills, Inc. has completed the sale of its 51% controlling interest in Yoplait SAS to French dairy cooperative Sodiaal in exchange for full ownership of Yoplait’s Canadian business and a reduced royalty rate for the use of the Yoplait and Liberte brands in the United States and Canada.
“With this divestiture, General Mills is continuing to advance its Accelerate strategy, which includes clear priorities on where to play — across geographies as well as platforms and brands — to drive long-term, superior shareholder returns,” General Mills said.
Yoplait SAS generated $740 million in fiscal 2020, according to General Mills. The business includes assets in France, the United Kingdom and certain other markets.
The Yoplait Canada yogurt business generated $290 million in net sales in fiscal 2020, according to General Mills.
With the completion of the transaction, General Mills wholly owns yogurt operations in the United States and Canada that generated a combined $1.4 billion in net sales in fiscal 2020.
For Sodiaal, the acquisition is the next step in its value creation strategy. Yoplait’s European business portfolio includes such brands as Perle de Lait, Panier de Yoplait, Yop, Petits Filous and Câlin, Liberté, according to the company.