General Mills Inc (GIS.N) is considering the sale of its soup brand Progresso and ready-to-eat meals label Helper for $3 billion, Bloomberg News reported on Thursday, citing people with knowledge of the matter.
The Cheerios cereal maker is working with Goldman Sachs Group Inc (GS.N) for the potential sale, which also includes some of its smaller brands, the report said.
The move comes months after General Mills announced the sale of its majority stake in the European operations of Yoplait to French dairy cooperative Sodiaal in exchange for full ownership of the yogurt maker’s Canadian business.
Progresso, which General Mills acquired in 2001 when it bought Pillsbury, offers canned soups, broths and chili, while Helper sells boxed pasta meals.
The packaged food maker, which acquired Tyson Foods’ pet treats business earlier this year, reported upbeat quarterly results in September, riding high on a surge in demand during the pandemic.
General Mills and Goldman Sachs both declined Reuters’ requests for comment.