General Mills has completed the purchase of a pet-treats business owned by Tyson Foods, the Minnesota company said Tuesday.
The $1.2 billion cash deal, which includes the Nudges, True Chews and Top Chews brand, as well as a production plant in Iowa, was completed ahead of its expected September closing date. Tyson is expected to continue supplying meat ingredients to General Mills.
"This acquisition represents an important step as we reshape our portfolio for growth," Jeff Harmening, General Mills chairman and chief executive, said in a written statement.
Tyson had success with its pet-treats business, reporting net sales of $240 million in the year that ended April 3.
General Mills, known for its breakfast cereals, went for Tyson's deal after paying $8 billion for Blue Buffalo Pet Products in 2018, in a bid to become a leader in the growing pet-treats industry.