US food manufacturer General Mills has agreed to sell its frozen dinner roll business to Pennant Foods.
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Pennant Foods, a member of Fresh Start Bakeries, will acquire the business, which is part of General Mills’ Pillsbury portfolio. The business markets frozen dough to foodservice and bakery customers in a deal expected to close by the end of the year.
“The sale includes four plants located in Bakersfield, Calif; Hazleton, Penn; Montreal, Canada; and Vinita, Okla,” General Mills said.
The financial details of the agreement were not disclosed, but in a regulatory filing General Mills said it expects to record expenses of about US$19m associated with the deal in the fourth quarter.
Pennant Foods provides speciality bakery ingredients to foodservice and retail sectors.
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By GlobalDataPennant Foods president Jim Clough said the deal will provide the group with additional capabilities to meet existing demand as well as opening new markets.
“Our objective is to broaden and build on the products and services we provide to our customers in the global bakery products market,” Fresh Start president and CEO Craig Olson added.
“Pennant has been a strong and reliable performer for Fresh Start and I am confident that the synergies of this acquisition will both solidify and grow the value we provide.”
