General Mills putting Progresso, Hamburger Helper up for sale, report says

General Mills is considering the sale of its soup brand Progresso and ready-to-eat meals label Helper for $3 billion, Bloomberg News reported, citing people with knowledge of the matter.

The Golden Valley-based business is working with Goldman Sachs Group for the potential sale, which also includes some of its smaller brands, the report said.

The move comes months after General Mills announced the sale of its majority stake in the European operations of Yoplait to French dairy cooperative Sodiaal in exchange for full ownership of the yogurt maker's Canadian business.

Progresso, which General Mills acquired in 2001 when it bought Pillsbury, offers canned soups, broths and chili, while Helper sells boxed pasta meals.

The packaged food makers, which acquired Tyson Foods' pet treats business earlier this year, reported upbeat quarterly results in September, riding high on a surge in demand during the pandemic.

General Mills and Goldman Sachs both declined Reuters' requests for comment.

Company executives in 2018 told investors it would look to sell brands that are not performing as well or are outside its focus areas.

General Mills this year has been undertaking its biggest restructuring in six years. Executives said the pandemic accelerated the need for change, and the company needs to evolve to focus more on consumer data, online shopping and strategy, including mergers and acquisitions.