GOLDEN VALLEY, Minn. General Mills today announced details of an agreement to sell its Pop Secret microwave popcorn business to Stockton, Calif.-based Diamond Foods for around $190 million. None of General Mills’ employees or plants will be affected by the sale because Pop Secret is manufactured at an outside facility, a company spokesperson said.
According to spokesperson Heidi Geller, the sale is part of a move by General Mills to reevaluate its priorities. Additionally, General Mills is also looking to sell its Nature Valley granola bar line and other grain-based snacks.
Diamond Foods, the creator of Diamond brand almonds and other snack nuts has said that it is very excited to add Pop Secret to its portfolio. The added brand will broaden Diamond’s presence in the snack aisle and the company expects to generate $85 million to $90 million per year from the sale of Pop Secret products.
General Mills is looking at a one-time $160 million profit gain, not including costs related to the costs.