General Mills looking to expand internationally
General Mills, the company known for Cheerios cereal, Haagen-Dazs ice cream and other leading brands, is hungry for overseas acquisitions.
During an investment conference in Florida today, General Mills officials told reporters that the company will look for opportunities to expand its snack, ice cream and other businesses in fast-growing markets such as China, India and Indonesia.
CEO Ken Powell said the company has benefited greatly from international expansion in recent years.
"We continue to look at tuck-in opportunities around the world," he said. "We think that's going to be an important part of growth. We're very clear on where we see the growth and we'll continue to pursue those opportunities."
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General Mills' international sales have been growing at close to a 10 percent annual rate. Sales from international operations are on track to exceed $5 billion annually. Sales in the United States have been growing in the range of 1 to 3 percent.
General Mills' top emerging market is China, where consumers favor desserts, dinners, and snacks, International Chief Operating Officer Chris O'Leary said.
O'Leary said the company also has a ripe opportunity to increase yogurt sales in China, and the company is investing in a new factory there.
Overall, General Mills' sales from international operations are on track to exceed $5 billion annually.