US food company General Mills has announced that it has reached an agreement to sell its Lloyd’s barbecue business to US meat processor Hormel Foods.
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General Mills purchased Lloyd’s, which produces refrigerated foods including barbecued ribs and heat-and-eat meats, in 1999. The business includes one manufacturing facility in St. Paul, Minnesota, which employs approximately 210 people. Terms of the agreement were not disclosed.
“Lloyd’s Barbeque Company is an excellent addition to the Hormel Foods family of consumer brands and fits our growing array of high quality product offerings sought by today’s busy families,” said Joel Johnson, chairman of the board and chief executive officer of Hormel Foods.
Johnson said that the acquisition would be immediately accretive to Hormel Foods and that the company anticipated margin and growth opportunities for the brand by capitalising on Hormel Foods distribution and meat supply systems.
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