General Mills is evaluating the separation of its Häagen-Dazs ice cream business outside of North America, a move that could pave the way for the sale of these assets. This information was reported by The Wall Street Journal, which cites sources familiar with the process.

The American company owns and operates the brand outside of North America, while the activity in the United States and Canada is handled by Froneri, under a royalty-free license. According to the newspaper, this company could be a potential buyer of the international assets.

Created in 2016, Froneri is equally owned by Nestlé and the private equity firm PAI Partners. General Mills also holds a 50% stake in a Häagen-Dazs joint venture in Japan, according to Just Food.

Sale of assets

The potential transaction is part of a portfolio reorganization process at General Mills. In June, the company agreed to sell its Häagen-Dazs stores in mainland China to a consortium led by tea shop operator Ningji, while retaining ownership of the brand and its retail and restaurant supply businesses in the country.

The company also completed other sales in 2026. In March, it agreed to sell its Brazilian business, which includes the Yoki and Kitano brands, to Grupo 3corações for 800 million reais (approximately 680 million euros). In January, it sold the American tomato-based product brand Muir Glen to Violet Foods.

Results under pressure

In the first quarter of fiscal year 2027, ended August 30, General Mills reported net sales of $4,39 billion, down 3% from the same period last year. Operating income fell 63% to $633,6 million, and net income declined 67% to $397 million.

In the fiscal year ended in May, net sales decreased 5% to $18,4 billion, and organic sales fell 2%. Operating profit dropped 73% to $886 million, primarily impacted by impairments of goodwill and intangible assets associated with brands.