General Mills in agreement to buy organic break builder Annie’s

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General Mills Inc. has concluded to acquire Annie’s Inc., one of a largest producers of healthy and organic branded food, in a understanding value $820 million.

The understanding announced Monday comes as sales of organic food continue to grow rapidly in a United States, jumping 11.5% to $35.1 billion final year, according to a Organic Trade Assn.

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“This merger will significantly enhance a participation in a U.S. branded organic and healthy dishes industry, where sales have been flourishing during a 12% devalue rate over a final 10 years,” Jeff Harmening, General Mills’ executive clamp boss and arch handling officer for U.S. sell pronounced in a prepared statement. “Annie’s competes in a series of appealing food categories, with sold strength in available dishes and snacks — dual of General Mills’ priority platforms.”

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Headquartered in Berkeley, Annie’s was founded in 1989 and sells some-more than 145 opposite products in a United States and Canada. It’s best famous for a line of macaroni and cheese and a brightly colored packaging. The association was listed on a New York Stock Exchange in 2012 and it purebred net sales of $204 million in a latest mercantile year, that finished in March.

General Mills pronounced it will compensate $46 per share for Annie’s, that finished a day trade for $33.51 Monday.

Annie’s will join a General Mill’s existent lineup for organic and healthy brands, that includes Cascadian Farm and Muir Glen.

Follow @dhpierson on Twitter for some-more food and cultivation news.

Copyright © 2014, Los Angeles Times

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