General Mills and Cereal Mate Head 'Down Under'
Posted on: Saturday, 3 June 2006, 00:00 CDT
By Lee Egerstrom, Pioneer Press, St. Paul, Minn.
May 23--General Mills said today its Cereal Partners Worldwide joint venture business with Nestle has acquired Uncle Toby's breakfast cereal business in Australia, giving CPW the second largest market share "Down Under."
The $375 million deal also gives CPW rights to market ready-to-eat and hot cereal products in New Zealand.
CPW, based in Lausanne, Switzerland, is a $1.4 billion company selling cereal products in markets in 130 countries outside North America. Business school scholars around the globe often cite the joint venture because it combines General Mills' expertise with cereals with the larger Nestle's marketing reach throughout Europe and other continents.
Lee Egerstrom can be reached at legerstrom@pioneerpress.com or 651-228-5437.
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Copyright (c) 2006, Pioneer Press, St. Paul, Minn.
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Source: Saint Paul Pioneer Press (St. Paul, Minn.)
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