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Aug 19, 2010

General Mills Sells Delicity Bakery Chain

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BUENOS AIRES, ARGENTINA – General Mills announced today that it is selling its chain of Delicity bakeries in Argentina in order to focus on growing its core brands and foodservice businesses.

The sale transfers the ownership of Delicity to Tentissimo Group, an Argentinian business that owns a chain of Tentissimo restaurants throughout the country.

The sale includes the Delicity brands, five Delicity shops that were owned by General Mills, and franchiser rights. Franchisees are operating 54 other Delicity shops in Argentina.

Virtually all jobs associated with the operation of the Delicity shops will transfer to Tentissimo Group, effective Aug. 20.

“This sale will allow us to focus more on growing our core businesses to better serve our Argentine consumers,” said Alex Viloria, managing director of General Mills Argentina. These businesses include Nature Valley granola bars, La Salteña pasta and tapas products, Häagen-Dazs ice cream and foodservice offerings to hotels, restaurants and other foodservice operations throughout the country.

As part of the sales agreement, General Mills will continue to supply dough products to Delicity shops.

First introduced in 1986, Delicity revolutionized bakeries with its “hot and always hot” concept that offers consumers freshly baked goods while they wait. Its products include croissants, pastries, bars, cookies, alfajores, empanadas and a wide range of other baked goods. With nearly 60 shops, Delicity is one of the premier artisan bakery chains in Argentina.

General Mills acquired Delicity with its acquisition of the Pillsbury Company in 2001.

One of the world's leading food companies, General Mills operates in more than 100 countries and markets more than 100 consumer brands, including Cheerios, Häagen-Dazs, Nature Valley, Betty Crocker, Pillsbury, Green Giant, Old El Paso, Progresso, Yoplait, Cascadian Farm, Muir Glen, and more. Headquartered in Minneapolis, Minnesota, USA, General Mills had fiscal 2010 global net sales of US$16 billion, including the company’s $1.2 billion proportionate share of joint venture net sales

Contact:
Wendy Tai
General Mills
763-764-6364