MINNEAPOLIS — General Mills, Inc. is selling its North American yogurt business to the French companies the Lactalis Group and Sodiaal for approximately $2.1 billion.

The Lactalis Group will acquire the US business and Sodiaal will acquire the Canadian interests under the terms of the agreement. The sale includes such brands as Yoplait, Liberte, Go-Gurt, Oui, Mountain High and :Ratio as well as manufacturing plants in Murfreesboro, Tenn.; Reed City, Mich.; and Saint-Hyacinthe, Quebec.

“Today’s announcement represents another significant step forward for General Mills in advancing our accelerate strategy and our portfolio reshaping ambitions,” said Jeffrey Harmening, chairman and chief executive officer of General Mills. “Upon completion of these divestitures, we will have turned over nearly 30% of our net sales base since fiscal 2018.”

The North American yogurt business contributed approximately $1.5 billion to General Mills’ fiscal 2024 sales of $19.9 billion, according to the company.

Reuters reported in April that General Mills had hired JP Morgan Chase to help with the sale. In November 2021, the company sold its 51% controlling interest in its European Yoplait operations to Sodiaal in return for full ownership of the Canadian Yoplait business.

“By efficiently managing our portfolio and sharpening our focus on our global platforms and local gem brands that have stronger growth prospects and more attractive margins, we will be in a better position to drive top-tier shareholder returns over the long term,” Harmening said.