Tyson Foods Inc. announced Friday a deal to sell its pet treats business for $1.2 billion to General Mills Inc. , about 11 years after the foods company entered the pet treats business. The deal is expected to close by the end of Tyson’s fiscal year, which ends September. Tyson’s pet treats business includes the Nudges, True Chews and Top Chews brands, and generated sales of more than $240 million in the 12 months through April 3. The company said it will continue to provide meat ingredients for the pet treats business after the deal is completed. Tyson said it entered the pet treat market in 2010, when it launched True Chews. Tyson’s stock rose 0.7% in premarket trading and General Mills shares tacked on 0.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
