General Mills is diving further into the red-hot pet food market, acquiring Tyson Foods' animal treat business for $1.2 billion in cash, the companies said Friday. Best known for Cheerios, Betty Crocker and Pillsbury, General Mills in 2018 entered the pet food business in a big way, spending $8 billion to acquire Blue Buffalo, a premium brand. Then the pandemic hit, fueling the biggest surge of pet adoptions in recent memory.
Sales at Coca-Cola surged 16% during the first quarter as crowds returned to movie theaters, music venues and sport stadiums, offsetting rising input costs for the company and the suspension of operations in Russia.
The U.S. rolled out a new wave of financial sanctions on Wednesday.