General Mills, Inc. (NYSE:GIS) today announced it has entered into a definitive agreement to sell its business in Brazil to 3corações. The proposed transaction, which includes a portfolio of leading local brands including Yoki and Kitano, is expected to close by the end of calendar 2026, subject to receipt of requisite regulatory approvals and other customary closing conditions.

The sale reinforces General Mills' priority to reshape its portfolio to generate long-term profitable growth, in line with its Accelerate strategy. The transaction increases the company's operating profit margin and enhances the International segment's focus on its priority global platforms, including super-premium ice cream, Mexican food, snack bars, and pet food. Upon completion of the sale, General Mills will have turned over nearly one-third of its portfolio through acquisitions and divestitures since fiscal 2018.

The divestiture encompasses General Mills' business in Brazil, including supply chain facilities in Pouso Alegre and Campo Novo do Parecis. Collectively, the Brazil business contributed approximately $350MM USD to General Mills' fiscal 2025 net sales.

Goldman Sachs served as the exclusive financial advisor to General Mills for the transaction, and KLA Avogados served as legal advisor.

# # #

About General Mills

General Mills makes food the world loves. The company is guided by its Accelerate strategy to boldly build its brands, relentlessly innovate, unleash its scale and stand for good. Its portfolio of beloved brands includes household names like Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Totino's, Annie's, Wanchai Ferry, and more. General Mills generated fiscal 2025 net sales of U.S. $19 billion. In addition, the company's share of non-consolidated joint venture net sales totaled U.S. $1 billion. For more information, visit www.generalmills.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260317670348/en/

(Investors) Jeff Siemon: +1-763-764-2301

(Media) Chelcy Walker: +1-763-764-6364

General Mills to Sell its Business in Brazil