General Mills Grants Exclusive License for Häagen-Dazs China Ice Cream Shops
GIS is trading near its 52-week low of $32.64 (3.5% above the low).
Summary
General Mills has granted an exclusive license for its Häagen-Dazs brand, specifically covering ice cream shops and the gifting business in Mainland China, to an undisclosed buyer. This strategic move follows the company's recent Q3 earnings report, which showed significant declines in sales and EPS, and other corporate actions like debt offerings and executive promotions. The licensing agreement indicates General Mills is actively managing its brand portfolio and optimizing its presence in the Chinese market, potentially streamlining operations or focusing on more profitable segments.
At the time of this announcement, GIS was trading at $33.78 on NYSE in the Trade & Services sector, with a market capitalization of approximately $17.9B. The 52-week trading range was $32.64 to $55.19. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.