General Mills Sells Argentinian Brand

Argentinian company Molinos Rio de la Plata has acquired La Salteña from General Mills for an undisclosed sum.

Founded in 1962, the company makes a traditional Argentine dough used in pastry products such as meat pies and the local delicacy ’empanadas’, as well as fresh pasta and refrigerated dough for home baking.

The deal is expected to close by the end of January and will seek to expand La Salteña’s business reach to make it a household name across Argentina.

Molinos said the transaction was “another step in the framework of [our] growth strategy​” that follows previous investments over the past two years totaling ARS100m (USD 2.7m), including the addition of gluten-free pasta lines, factory modernizations, and storage capacity expansions.

“This acquisition reaffirms the path of growth and development that the Perez Companc Group has been following, investing in its food, agro and energy platforms with the vision of being a reference and protagonist in the construction of a better future for the country”, representatives from Molinos said.

They did not reveal financial details of the transaction or say whether there would be job losses. La Salteña counts over 500 employees and has a factory in the Buenos Aires province, opened in 2011.