- General Mills could be shedding Green Giant, its frozen and canned vegetable brand, according to unnamed sources, reports Reuters.
- According to these sources, the business's revenue reaches around $700 million. General Mills and investment bank Rothschild, who the company is reportedly coordinating with for the possible sale, have yet to comment.
- The company previously revealed it needed to cut 700 to 800 jobs and is smoothing its supply chain production and trimming advertising costs to save more than $400 million in fiscal 2015.
Considering the sluggish state of cereal sales, a sale of another segment of General Mills wouldn't be all too surprising. The company has made headlines as of late, including the recent announcement of a planned Pillsbury plant closure come mid-2016.
At the end of last year, General Mills announced it had split its organic and frozen food business units, placing them in other spots at the company, though its natural and organics arm Annie's was not a part of that reorganization. Also, new research suggests a frozen food revival could be coming in terms of going natural and organic.