Food Business News - February 23, 2016 - (Page 17)

GENERAL MILLS ahead of natural, organic sales goal BOCA RATON, FLA. - General Mills, Inc. anticipates U.S. sales of natural and organic food and beverage products will reach $1 billion by fiscal 2019, a year ahead of the company's previously announced goal of fiscal 2020. With fiscal 2015 sales of natural and organic products currently reaching approximately $675 million, company executives anticipate investments in such businesses as Epic Provisions and expansion of the Annie's brand into new categories will support the forecasted sales growth. "That is without additional acquisitions," said Jeff Harmening, executive vicepresident and chief operating officer of General Mills' U.S. Retail business unit, Feb. 16 during a presentation at the Consumer Analyst Group of February 23, 2016 New York conference at the Boca Raton Resort and Club. The news comes at a time when General Mills is in the process of reshaping its product portfolio with an eye toward faster growing opportunities, said Ken Powell, chairman and chief executive officer. He added that the U.S. consumer is changing, increasing demand for products perceived as natural and organic, and that will create opportunities going forward for the company. "We are seeing consumer interest continue to grow," he said. "We are also seeing points of distribution more widely available across a variety of retailers, which is another tailwind." In October 2014, General Mills finalized its acquisition of Annie's for approximately General Mills sees Epic Provisions, which sells a range of meat-based products in retailers such as Whole Foods and Sprouts Farmers Market, as a business that is small but with considerable potential. $821 million. At that time the business was generating approximately $200 million in revenue, said Mr. Harmening, and today sales are closer to $300 million. "What we have through Annie's is a tremendous growth portfolio," Mr. Harmening said in a follow-up interview with Food Business News. "In addition to the categories the company was already in, we see growth opportunities in additional categories like soups, cereals and yogurt." Annie's is not the only natural or organic brand within the General Mills portfolio, but Mr. Harmening said it FOODBUSINESS NEWS ® 17

Table of Contents for the Digital Edition of Food Business News - February 23, 2016

Food Business News - February 23, 2016
Campbell Soup defends G.M.O. labeling decision
Whole grains versatility
Dairy Business News - The many shades of cocoa
Table of Contents
Web Contents
Editorial - Pickup ahead in food m. & a. activity
WhiteWave broadening its Horizon
Pilgrim’s Pride plans sizable strategic investment
Consumers not clear on clean label definition
W.H.O. report urges tax on sugar-sweetened drinks
Snacks ‘area of weakness’ for Kellogg
US Foods files for initial public offering
Beyond Tyson 2.0
General Mills ahead of natural, organic sales goal
Mondelez ‘Lines of the Future’ steadily proliferating
Smucker looks to ‘lead with innovation'
Food business blossoming for
Mars to remove artificial colors across portfolio
Three trends driving gluten-free market
Market Insight - The demise of orange juice
Washington - President’s budget for food safety leans heavily on user fees
Ingredient Trends - Manufacturers responding to non-G.M.O. trend
Whole grain intake still could improve
Is there a U.S. cocoa shortage?
New Food Products
Ingredient Market Trends - Secretary Vilsack says reports demonstrate net energy benefits of ethanol
Ingredient Markets
Supplier Innovations and News
Ad Index
Food Business in the News

Food Business News - February 23, 2016