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Cereal Partners Worldwide, a joint venture between food giants General Mills Inc. and Nestle, plans to purchase an Australian cereal business for $375 million in cash.

Cereal Partners Worldwide, a joint venture between food giants General Mills Inc. and Nestle, plans to purchase an Australian cereal business for $375 million in cash. General Mills and Switzerland-based Nestle confirmed they will buy Uncle Tobys ready-to-eat and hot cereal business. Expected to close this summer, the transaction will move Cereal Partners Worldwide to the No. 2 market share position in the Australian cereal market. Established in 1893, Uncle Tobys holds a 19 percent share of cereal retail sales in Australia. The company generates annual retail sales of more than $600 million. Cereal Partners Worldwide is now the second-largest cereal company outside North America, with annual net sales of approximately $1.4 billion and business in more than 130 countries.
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Comment:Cereal Partners Worldwide, a joint venture between food giants General Mills Inc. and Nestle, plans to purchase an Australian cereal business for $375 million in cash.
Publication:Food & Drink Weekly
Geographic Code:1USA
Date:May 29, 2006
Words:121
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