General Mills said Wednesday that it has acquired a regional Brazilian yogurt maker for an undisclosed price.
The Golden Valley-based packaged food maker bought privately held Carolina, which is based in the southeastern city of Ribeirão Claro, about 500 miles west of Rio de Janeiro. Carolina has more than 20 different dairy product lines and is known for its strong regional yogurt brands.
Brazil is one of the biggest economies in the world, and has been an attractive investment spot for consumer product companies in recent years. In 2012, General Mills bought Brazilian snack, soup and seasonings maker Yoki Alimentos S.A. for almost $1 billion.
“Carolina’s strong capabilities in yogurt and dairy will accelerate General Mills’ growth in Brazil,” said Christopher O’Leary, chief operating officer for General Mills’ international business. “We plan to invest and build on the strong Carolina product portfolio.”
General Mills is a major global yogurt maker, known in the U.S. for its Yoplait brand. It also owns a controlling stake in France-based Yoplait S.A.
Carolina is a family-held company that was started in 1969.