General Mills to close plant acquired from Tyson Foods

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General Mills plans to shutter a Blue Buffalo production facility in Independence, Iowa, USA by the end of 2023, Manufacturing Dive reported. The plant produces Top Chews and Nudges treats. General Mills acquired those brands from Tyson Foods in 2021. The closure will affect 250 employees, and a General Mills spokesperson said the company would provide career services and benefits support for these individuals. The spokesperson said the closure would not affect pet food and treat plants in Joplin, Missouri and Richmond, Indiana.

General Mills history and performance

In 2018, General Mills acquired Blue Buffalo for approximately US$8 billion, or US$40 per share in cash. During the first quarter of fiscal year 2022, General Mills acquired Tyson Foods’ pet treats business for US$1.2 billion in cash. The deal included the Nudges, Top Chews and True Chews brands. Net sales in Q4 FY22 included a benefit from the Tyson Foods’ pet treats acquisition. Organic net sales were up 22%. Pet food and treat segment operating profit increased 10% to US$113 million. For the full fiscal year, General Mills pet segment net sales increased 30% to US$2.3 billion. Net price realization and mix added to net sales growth, including a favorable mix from the pet treats acquisition and the impact of SRM actions put in place in response to input cost inflation. Organic net sales were up 18%. General Mills pet segment’s annual revenue reached US$1,732,000 in 2021, according to Petfood Industry’s Top Companies Current Data.

General Mills pet food and treat segment net sales

  • FY2022 – US$2,259.4 million, up 30% from FY2021 (US$1,732.4 million), a 2% change over FY2020 (US$1,694.6 million)

General Mills pet food and treat segment operating profit

  • FY2022 – US$470.6 million, up 13% from FY2021 (US$415 million), up 6% from FY20 (US$390)

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