General Mills is looking to sell its Green Giant frozen and canned vegetable business, people familiar with the matter said, as the maker of Bisquick and Betty Crocker cake mixes struggles with weak sales of products like cereal.
The Minneapolis-based company is working with investment bank Rothschild on the potential sale, which is expected to take place later this summer, the sources said. They requested anonymity because the matter is private.
General Mills and Rothschild declined to comment.
Green Giant, whose mascot is the Jolly Green Giant, makes more than 160 different products, including steamed and canned vegetables, corn on the cob, chips and hummus.