General Mills execs downplay rumors of major acquisition, focus inward for growth
General Mills executives made the rounds of New York investors and media Wednesday, reiterating the company’s growth strategy and dispelling rumors that they are eyeing a large acquisition.
Moments after company representatives rang the opening bell on the New York Stock Exchange, CEO Ken Powell told interviewers on CNBC that General Mills is “kicking the tires on a lot of things constantly” but that it has to see a “clear path to value” in any acquisition that would give shareholders a return on their investment.
“If you want to talk about [mergers and acquisitions] for General Mills, look at what we’ve done the last five years, extending scale in snacking and organic,” Powell said. “We are building on businesses we already have, and that’s kind of likely what you’ll see from us in the future.”