General Mills: to sell Pop Secret popcorn business

Minneapolis / MN. (gm) General Mills Inc. confirmed it has reached a definitive agreement to sell its Pop Secret microwave popcorn business to Diamond Foods Inc. for approximately 190 million USD in cash. General Mills expects to receive cash proceeds of approximately 160 million USD after transaction-related costs. The company expects to record a one-time gain on the sale in its fiscal 2009 results. The transaction, subject to regulatory approval, is expected to be completed this fall. Diamond Foods is a leading branded food company specializing in processing, marketing and distributing nuts and snack products under the Diamond and Emerald brands. Pop Secret, introduced 1985, is the No. 2 player in the 900 million USD U.S. microwave popcorn category.